House Committee OKs Interchange Fee Bill

Law360, New York (July 17, 2008, 12:00 AM EDT) -- Despite opposition from Visa Inc. and MasterCard Inc., the U.S. House Judiciary Committee has passed through legislation that would let a government panel oversee negotiations on the fees that retailers pay to banks in order to accept credit cards.

In a narrow 19-16 vote, the committee approved the Credit Card Fair Fee Act on Wednesday. The bill would create an antitrust exemption for merchants so that they can take part in negotiating interchange fees with banks, and is intended to give merchants more of a say...
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