A coalition of retailers dedicated to capping and reducing card interchange hopes that U.S. legislators and regulators might follow a European example on the subject.
Last Friday, Sen. Richard Durbin (D-Ill.) and U.S. Rep. Peter Welch (D-Vt.) addressed a letter to Ben Bernanke, chairman of the Federal Reserve Board, asking that he "carefully review" the proposal from the European Commission on credit and debit card interchange.
The European Commission has proposed capping debit and credit card interchange at 0.2% and 0.3% respectively. The European Commission functions as the administrative and regulatory authority for the European Union.
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