The Credit Card Fair Fee Act (HR 5546/S 3086)
The Credit Card Fair Fee Act (HR 5546/S 3086) uses proven market mechanisms to stop the price-fixing by the credit card industry. The Credit Card Fair Fee Act:
- Provides a seat at the table for merchants and credit card issuers alike
- Stops the secrecy, provides for the first time ever an open and transparent process to negotiate credit card interchange fees
- Offers the complete negotiation framework necessary to hammer out fair credit and debit card interchange fees based on competitive market dynamics
- Uses mechanisms that work in the real world. Congress has long since successfully addressed the problem of a broken market using a similar framework; Congress amended the framework as recently as 2004
View the list of co-sponsors of the Credit Card Fair Fee Act and send a letter to your legislators asking them to support this legislation.
Letters of Support for the Credit Card Fair Fee Act:
Hearing on the Credit Card Fair Fee Act of 2008, H.R. 5546/S 3086
U.S. House of Representatives Judiciary Committee Antitrust Task Force
May 15, 2008
Testimony:
Hearing on Credit Card Interchange Fees
U.S. House of Representatives Judiciary Committee Antitrust Task Force
July 19, 2007
Testimony:
- John Buhrmaster, President, First National Bank of Scotia, New York
- Mallory Duncan, Senior Vice President and General Counsel, National Retail Federation
- Edward Mierzwinski, Consumer Program Director, U.S. PIRG
- Tim Muris, Of Counsel, O'Melveny & Meyers
- Steve Smith, President and Chief Executive Officer, K-VA-T Food Stores, Inc.
Video Clips
Transcript
Hearing on Examining the Billing, Marketing, and Disclosure Practices of the Credit Card Industry, and Their Impact on Consumers
U.S. Senate Committee on Banking, Housing, and Urban Affairs
February 25, 2007
Testimony:
- Statement, Senator Chris Dodd, Chairman
- Professor Elizabeth Warren Leo Gottleib, Professor of Law, Harvard Law School
- Dr. Robert Manning, Director, Center for Consumer Financial Services, Rochester Institute of Technology
- Mr. Michael Donovan, Esq., Donovan and Searles
- Mr. John Finneran, President of Corporate Reputation and Governance, CapitalOne Financial
- Mr. Richard Vague, Chief Executive Officer, Barclaycard US
- Ms. Carter Franke, Executive Vice President of Marketing, JP Morgan Chase & Co.
- Ms. Tamara Draut, Director, Economic Opportunity Programs, Demos
- Mr. Travis Plunkett , Legislative Director, Consumer Federation of America
Webcast
Hearing on Credit Card Interchange Rates: Antitrust Concerns
U.S. Senate Committee on the Judiciary
July 19, 2006
Testimony:
- Bill Douglass, CEO, Douglass Distributing Company, Sherman, TX
- Kathy Miller, Owner, The Elmore Store, Lake Elmore, VT
- W. Stephen Cannon, President, Constantine Cannon, on behalf of the Merchants Payments Coalition
- Joshua L. Peirez, Group Executive,Global Public Policy and Associate General Counsel, MasterCard Worldwide, Purchase, NY
- Joshua R. Floum, Executive Vice President, General Counsel and Secretary ,Visa U.S.A., Washington, DC
- The Honorable Timothy J. Muris , Former Chairman, Federal Trade Commission, Of Counsel
- Statement, National Grocers Association
- Statement, Senator Patrick Leahy (D-VT)
Hearing Transcript
Hearing on the Law and Economics of Interchange Fees
Subcommittee on Commerce, Trade and Consumer Protection
Committee on Energy and Commerce
February 15, 2006
Webcast