FMI Applauds House Interchange Hearing

The House Judiciary Committee Task Force on Competition Policy and Antitrust Laws on Thursday held a hearing on a proposed legislation that would allow retailers and the market to have a say in fees charged by credit card companies, according to the Food Marketing Institute here.

ARLINGTON, Va. — The House Judiciary Committee Task Force on Competition Policy and Antitrust Laws on Thursday held a hearing on a proposed legislation that would allow retailers and the market to have a say in fees charged by credit card companies, according to the Food Marketing Institute here. FMI lauded the event as a significant first step in reform. “This law simply gives retailers the right to negotiate reasonable fees with credit card companies, a fundamental practice in the American free enterprise system,” John J. Motley III, FMI senior vice present of government and public affairs, said in a statement. “As it stands now, they set the fees in secret, and the cost to merchants and, ultimately, to consumers is skyrocketing.”

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