WASHINGTON -- Federal legislators are reportedly working on legislation which would mandate the nation's card brands come to a settlement with retailers on credit card interchange. Sources with both the retailers and card brands confirm that the legislation exists but differed on when it was expected to be introduced and what, precisely, it said.

The sources, who spoke off the record for the sake of candor, agreed that the measure would appear to be coming out of House Judiciary Committee and particularly from its Chairman John Conyers (D-Mich.). Conyers office has not yet confirmed that it is working on a bill.

Sources familiar with the effort contend that the measure would not specify an interchange level or even an approach to the negotiation, but that it would contain a mechanism for bringing in the federal judiciary if a compromise could not be reached.