(April 28, 2010) After months of inactivity on interchange regulation, the U.S. House of Representatives judiciary committee on Wednesday held a hearing on one bill advocated by national merchant groups. And while the committee took no action, one merchant group views the hearing as a hopeful sign that legislation will be passed.
The committee heard testimony from proponents and opponents of the Credit Card Fair Fee Act of 2009, H.R. 2695, whose lead sponsor is House Judiciary Committee Chairman U.S. Rep. John Conyers, D-Mich. Two other interchange-regulation bills are now pending before Congress—the Credit Card Interchange Fees Act of 2009, sponsored by U.S. Rep. Peter Welch, D-Vt., also in the House, and the Credit Card Fair Fee Act, S. 1212, sponsored by U.S. Sen. Richard Durbin, D-Ill., in the Senate.
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