Congress Proposes Law Regulating Credit Card Fees

The House Judiciary Committee yesterday introduced legislation that calls for merchants, credit card companies and banks to negotiate transaction fees that would be set for three years at a time, according to Food Marketing Institute, which has been pushing for Congress to take action on the fees.

WASHINGTON — The House Judiciary Committee yesterday introduced legislation that calls for merchants, credit card companies and banks to negotiate transaction fees that would be set for three years at a time, according to Food Marketing Institute, which has been pushing for Congress to take action on the fees. Retailers have long complained that the transaction fees, which are added by Visa and MasterCard to each credit and debit card transaction, have been increasing rapidly in recent years

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