Smith Pleads Retailer Case in Interchange Hearing

Steven C. Smith, president and chief executive officer of K-VA-T Food Stores, and chairman of Food Marketing Institute testified on interchange rates and other practices of credit card companies in a hearing yesterday before the U.S. House of Representatives Judiciary Committee Antitrust Task Force.

WASHINGTON — Steven C. Smith, president and chief executive officer of K-VA-T Food Stores, and chairman of Food Marketing Institute testified on interchange rates and other practices of credit card companies in a hearing yesterday before the U.S. House of Representatives Judiciary Committee Antitrust Task Force. “Conventional wisdom tells us that as volume grows prices should fall, but instead credit card companies have created much greater volume and raised fees and costs substantially. This

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