But the competition is limited. Visa and MasterCard, which set the swipe fees, were owned by the banking industry until they were spun off as free-standing companies. As a debit-card duopoly, they have leverage over retailers. Congress is not so much regulating an industry as it is policing a cartel. Though there might be better ways of addressing swipe fees, it should not abandon the effort.
Our view: In swipe fees fight, retailers make better case – USATODAY.com