"All retailers seek is a seat at the table to negotiate reasonable fees, much like they negotiate all other business costs in a competitive marketplace. This bill brings free-market forces to the setting of fees, which are now fixed in secret by the credit card companies and banks," said Jennifer Hatcher, FMI group vice president, government relations.
Durbin's bill is similar to a measure with the same name (H.R. 2695) introduced last week by House Judiciary Committee Chairman John Conyers (D-MI) and Bill Shuster (R-PA). In addition, Peter Welch (D-VT) introduced the Credit Card Interchange Fees Act (H.R. 2382), which eliminates anti-competitive and onerous card company rules governing merchant fees and practices.
Credit card companies and banks extract an interchange fee averaging about 2 percent from every plastic transaction. The total cost to retailers and, ultimately, consumers has tripled since the beginning of this decade to more than $48 billion in 2008.
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