Letters – WSJ.com Congress Is Right in Regulating Debit Card #SwipeFees – Matthew Shay, NRF


Your editorial “Debit Card Debacle” (March 17) accuses swipe-fee reform of fixing prices for debit card swipe fees but ignores that the card industry has fixed prices at monopoly high levels for years, with the nation’s 7,500 banks all charging the exact same schedule of swipe fees regardless of who issues a card. Regulations proposed by the Federal Reserve to implement reform would set caps on the card industry’s price-fixed fees, but they would also give banks the option and incentive to set whatever fees they want above or below those caps as long as they do so independently and competitively.

via Letters – WSJ.com.

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