WASHINGTON -- An executive with the National Retail Federationhas argued that the question of credit card interchange is anantitrust matter that belongs with the House Judiciary Committeeand not a matter of income for financial institutions.
Recognizing the matter as an issue of income for financialinstitutions would leave it the responsibility of the HouseFinancial Services Committee. A new bill which would mandatenegotiations on card interchange has been introduced by CongressmanJohn Conyers, (D-Mich.), Chairman of the House JudiciaryCommittee.
"What we have here is a failure of the market," contended DuncanMallory, senior vice president with the NRF. "The credit cardcompanies cannot argue for an uncompetitive system simply on thegrounds that they need the money."
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