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Regulation Would Hurt Consumers, Card Issuers Claim

Law360 (July 19, 2006, 12:00 AM EDT) -- Visa U.S.A. Inc. and Mastercard Inc. told the U.S. Senate Judiciary Committee Wednesday that any attempt to impose regulations on electronic payment systems would ultimately harm consumers.

The hearing, held to address antitrust concerns stirred up by so-called “interchange fees,” comes on the heels of an announcement by the European Union that MasterCard and Visa may face antitrust action over the fees.

“We are here today because questions are being raised over whether those fees are too high, and whether they are too high because the...
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