U.S. Lawmakers Take On Credit Card Interchange Fees

Law360, New York (March 7, 2008, 12:00 AM EST) -- Already under pressure from consumers and regulators over claims its interchange fees run afoul of antitrust laws, MasterCard now faces the squeeze from lawmakers intent on reining in the power of the credit card giant.

A bill introduced in the U.S. House of Representatives Thursday would give merchants the right to negotiate the terms and rates of the contentious fees, which are currently set exclusively by MasterCard and Visa and are said to cost merchants and consumers $40 billion annually.

Introducing the Credit Card Fair Fee...
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