5/5/2010

Sen. Patrick Leahy, D-Vt., plans to co-sponsor a measure introduced by Sen. Dick Durbin, D-Ill., that allows merchants to offer discounts to customers who pay by cash or a particular brand of credit card. The measure would hit interchange fees, a major revenue source for Visa, MasterCard and other credit card issuers. "The motivation behind this is really to put merchants in a position where they don't pay their fair share," MasterCard CEO Robert W. Selander said. "We think that Congress understands that you can't give anybody a free lunch."

Related Summaries