Retailers hoping for relief from credit card fees moved closer to their goal last week after a House committee passed legislation that would rein in the non-negotiable fees credit card companies levy.

The Credit Card Fair Fee Act (H.R. 5546) is sponsored by Committee Chairman John Conyers (D-14-Mich.) and Rep. Chris Cannon (R-3-Utah).

"This bill will help give our small businesses a seat at the table in negotiating credit card fees," says Jeanne Ramsay, senior director of government relations at SAF.

The House Judiciary Committee approved the bill on July 16. The next step is to get this bill to the House floor for a vote before the end of the session.

The Credit Card Fair Fee Act is strongly opposed by banks and credit card companies because it would set price controls — and strongly supported by the Merchant Payments Coalition (MPC), of which SAF is a member. The coalition represents the nation's retailers.

For more information, check out recent coverage in SAF's Week in Review newsletter.

--Morgan Schimminger
mschimminger@safnow.org

 

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