FMI Testifies in House Hearing on Interchange Fees

WASHINGTON Food Marketing Institute was encouraged after a Congressional hearing this month on the antitrust implications of credit card interchange fees. In the hearing before the Antitrust Task Force of the House Judiciary Committee, Steven C. Smith, chairman of FMI, testified that the interchange fees charged on each transaction by Visa and MasterCard do not reflect normal competitive pressures,

WASHINGTON — Food Marketing Institute was encouraged after a Congressional hearing this month on the antitrust implications of credit card interchange fees.

In the hearing before the Antitrust Task Force of the House Judiciary Committee, Steven C. Smith, chairman of FMI, testified that the interchange fees charged on each transaction by Visa and MasterCard do not reflect normal competitive pressures, because the credit card networks set them collectively.

Tim Hammonds,

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