Massachusetts Legislator Introduces Bill to Cap Card Interchange
A state lawmaker in Massachusetts has filed a legislative measure which would cap card interchange, according to media reports.
State Representative Joseph Driscoll has filed a bill which would cap the interchange rate for all cards at 0.75%.
"This bill looks after consumers and their families by returning equity to them," Driscoll has been quoted as saying. "Placing half a billion dollars back in the hands of those people who have earned it would benefit Massachusetts in a fundamental way," Driscoll said. "That is what I call economic stimulus."
Driscoll said the fee reduction would also help compensate for the proposed increase in the state gas tax, the reports said.