Visa and Mastercard execs grilled by senators on ‘duopoly,' high swipe fees [CNBC]
Mastercard Incorporated (MA)
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Source: CNBC
Both “the most conservative and the most liberal members” agree that high swipe fees, which plague retailers and small businesses, needs to be addressed, committee Chair Sen. Dick Durbin said. Durbin, along with Sen. Roger Marshall, is a co-sponsor of the bipartisan Credit Card Competition Act, which takes aim at the Visa-Mastercard swipe fees by giving retailers more choice in payment networks they can use. In a letter ahead of the hearing, the National Retail Federation told the committee that high credit card swipe fees add “inflationary pressure” to the U.S. economy. The Senate Judiciary Committee convened on Tuesday for a hearing on the alleged Visa Mastercard “duopoly,” which committee members from both sides of the aisle say has left retailers and other small businesses with no ability to negotiate interchange fees on credit card transactions. “This is an odd grouping. The most conservative and the most liberal members happen to agree that we have to do something about
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