Measure Tackles Credit Card Interchange Fees
According to its sponsor, Sen. Dick Durbin (D-Ill.), the Credit Card Fair Fee Act would allow retailers to negotiate directly with credit card companies over interchange fees. At present, MasterCard and Visa unilaterally set the fees, which are said to cost merchants and consumers over $40 billion annually.
Under the bill, if an agreement could not be worked out voluntarily, the U.S....
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