WASHINGTON — A second piece of federal legislation aimed at cardinterchange has been introduced.
This latest effort comes from Vermont Democrat Peter Welch, thelone member of the House of Representatives from that state.Welch's measure would not mandate any change to how cardinterchange rates between card issuers, the card brands andretailers are negotiated, but would instead seek to haveinterchange rates made public. It would also make the Federal TradeCommission the de-facto regulator over whether card interchangerates violate consumer protection laws.
This measure is an additional bill to the “Credit Card Fair FeeAct of 2008″ which would seek to force a change in how cardinterchange is negotiated.
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