Senate Bill Takes Aim at Visa and Mastercard's Rising Credit Card Fees For Merchants
Two U.S. senators are preparing legislation that would give merchants power to process many Visa and Mastercard credit cards over different networks. From a report: The bill, which could be introduced as soon as this week, aims to create more competition among U.S. credit-card networks, a sector where Visa and Mastercard have long dominated. Sen. Dick Durbin, an Illinois Democrat, and Sen. Roger Marshall, a Kansas Republican, are expected to introduce the bill. Mr. Marshall said banks and major card networks lobbied his office to not sign onto the bill. He decided to move forward after hearing from a growing number of merchants, including small businesses, restaurants, gas stations and convenience stores, about the toll of the rising credit-card fees set by Visa and Mastercard that are often pocketed by large banks.
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