The Credit Card Fair Fee Act, introduced this week in the House, would enable retailers to negotiate with banks to reduce costs associated with credit card purchases, or interchange fees. "This bill simply enhances competition by allowing merchants to negotiate with the dominant banks for the terms and rates of the fees," said House Judiciary Committee Chairman John Conyers. FMI's President and CEO Leslie G. Sarasin said: "We salute Chairman Conyers and Rep. Schuster for sponsoring this important legislation. Retailers need the right to negotiate reasonable fees with credit card companies, a fundamental practice in the American free enterprise system."
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