DOJ, FTC Raise Red Flags Over Interchange Fee Bill

Law360, New York (June 25, 2008, 12:00 AM EDT) -- Federal antitrust regulators are reportedly worried that a bill now in the House of Representatives that would curb the power of credit card companies to set interchange fee rates could have the unintended effect of lessening rather than encouraging competition.

The U.S. Department of Justice and the Federal Trade Commission sent separate letters Monday to Rep. Lamar Smith of Texas, senior Republican on the House Judiciary Committee, raising antitrust concerns regarding the Credit Card Fair Fee Act, Dow Jones reported Wednesday.

The bill would allow merchants...
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