WASHINGTON -- An executive with the National Retail Federation has argued that the question of credit card interchange is an antitrust matter that belongs with the House Judiciary Committee and not a matter of income for financial institutions.
Recognizing the matter as an issue of income for financial institutions would leave it the responsibility of the House Financial Services Committee. A new bill which would mandate negotiations on card interchange has been introduced by Congressman John Conyers, (D-Mich.), Chairman of the House Judiciary Committee.
"What we have here is a failure of the market," contended Duncan Mallory, senior vice president with the NRF. "The credit card companies cannot argue for an uncompetitive system simply on the grounds that they need the money."
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