US House Judiciary Committee Approves Credit Card Fair Fee Act
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Friday, 18 July 2008 |
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With an unusual bipartisan vote on final passage, the House Judiciary
Committee approved H.R. 5546, the Credit Card Fair Fee Act this week.
"The days when Visa and MasterCard are able to impose exorbitant
fees on consumers are numbered. Now that Congress and the public are
learning how credit card fees are driving up the price of gas, food and
other necessities, the big credit card companies are in for a very
rough ride," said NACS Chairman Richard Oneslager. "On behalf of our
retail members and their customers, NACS applauds Chairman John Conyers
and the members of the House Judiciary Committee who stood together to
pass H.R. 5546. This strong show of bipartisanship vindicates the
efforts of thousands of NACS members who have taken the issue of
outrageous credit card fees and practices to Congress. We look forward
to similar bipartisan support by the full House and Senate."
The key component of this vote is the bipartisan effort that went into
producing a solid piece of legislation. The House Judiciary Committee
is not normally known for crossing the aisle to work together, but
today the bipartisan effort made by members was historic. Ten Democrats
and nine Republicans joined together to help fix a broken market and
provide an opportunity for retailers to negotiate their interchange
fees. Now more than ever retailers need to keep up momentum and
communicate their concerns over devastating credit card fees.
NACS USA 17th July 2008
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