Senate proposes bill on credit card fees

06/11/2009 | Supermarket News (free registration)

Sen. Richard Durbin, D-Ill., introduced the Credit Card Fair Fee Act of 2009, which is similar to the House bill of the same name and allows retailers to negotiate with credit card firms to determine interchange fees. "This [Senate] bill brings free-market forces to the setting of fees, which are now fixed in secret by the credit card companies and banks," says Jennifer Hatcher, FMI group vice president of government relations.

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