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Credit Card Fair Fee Act of 2008
To amend the antitrust laws to ensure competitive market-based rates and terms for merchants' access to electronic payment systems.
Other Bill Titles (2 more) 3/6/2008--Introduced.
Credit Card Fair Fee Act of 2008 - Authorizes providers of a single covered electronic payment system (e.g. Visa or Mastercharge credit cards) and any merchants to jointly negotiate and agree upon rates and terms for access to such a system. Defines covered electr... moreSee Full Bill Text
Committees
Amendments
This bill has no amendments.
Bill Status
| Introduced |  | Voted on by House | | Voted on by Senate | | Considered By President | | Bill Becomes Law |
| March 06, 2008 |
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In the News
July 26, 2008 Congress aims to rob consumers and reward major retailers
The Credit Card Fair Fee Act (HR 5546) would artificially lower the transaction fees that merchants pay each time a customer swipes his card. ...
July 22, 2008 Understanding gasoline prices is complex
The Credit Card Fair Fee Act (HR 5546) is critical legislation that could help reduce the financial burden facing retailers and provide them with the ...
July 21, 2008 Visa Exec. Explains Stance on Credit Card Bill
NEW YORK -- While proponents of HR 5546, or the Credit Card Fair Fee Act, celebrated the passing of the bill by the House Judiciary Committee last week, ...
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Blog Coverage
October 02, 2008 Should The Government Be Involved In Interchange Legislation?
Proposed legislation (HR 5546 The Credit Card Fair Fee Act) would require Visa and MasterCard to negotiate Interchange fees directly with merchants. This would put a stop to a credit card processing companyâs ability to set non ...
September 18, 2008 DMNews: Social, mobile lead engagement for generation Y: Shop.org ...
Cara Wood September 15, 2008. If passed, the Credit Card Fair Fee Act of 2008 (HR.5546), introduced by Rep. John Conyers (D-MI), could affect both online and bricks-and-mortar retailers that accept credit or debit card payments. ...
September 09, 2008 HR 5546 spurs Merchants Guide book sales
... MasterCard(R) charge merchants has significantly increased the number of publications it is selling. The proposed antitrust law, now known as HR 5546 or "The Credit Card Fair Fee Act" would virtually strip the Associations of their.
Source: Payment Industry Insights
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Comments
In my opinion, HR 5546 is plain pandering to Wal Mart and big stores. This bill will not help middle size and small businesses in the least.
If your store is not hitting $25-50K in Bank Card Sales per month, you will not EVEN SEE the Interchange.
Small businesses only see Qualified, Mid Qualified and Non Qualified levels. These levels are created by the over 4500 credit card processors that only USE the INTERCHANGE as its costs.
I have reviewed the donors for the now 45 Congressmen now listed as co-authors of this piece of work. Most interesting how many Wal Mart has contributed to. Even MORE interesting how many the UFCW has contributed to. The UFCW (United Food and Commercial Workers), the union that Wal Mart has been keeping out of its stores using very questionable methods, I'm sure is just thrilled to see the Congressmen THEY donated money to voting for this piece of work that will save Wal Mart only a few pennies for every $100 processed but will raise fees for consumers and small businesses.
Wal Mart since Sam died, has sent jobs overseas to line their pockets. Their margins are ever increasing due to overseas imports. China said if Wal Mart was a country, it would be the 7th largest trading partner China has. And if you have been paying attention, you will note that the Chinese workers in those factories are now buying cars that need gas. Thus raising prices through higher demand.
Thank you Wal Mart. Congressmen, please do not allow the biggest family of vultures in America oontinue to pick clean the bones AND the wallets of American Consumers.
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