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Congress to Credit Card Companies: 'Play Fair'; Retailers Applaud Introduction of 'Credit Card Fair
Thursday, March 06, 2008
Today House Judiciary Committee Chairman John Conyers (D-MI) and Rep. Chris Cannon (R-UT) introduced the "Credit Card Fair Fee Act," legislation that for the first time deals with the biggest credit card fee of all - the interchange fee, which grew to $36 billion in 2006.
"We welcome this effort to stop the price-fixing practices of the credit card industry and create a transparent market-based process," said Mallory Duncan, chairman of the Merchants Payments Coalition (MPC) and senior vice president and general counsel of the National Retail Federation.
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