WASHINGTON — Retailers are trumpeting another U.S. Senator who has decided to sponsor the so called Credit Card Fair Fee Act of 2008 in the Senate. The newest sponsor is Senator Christopher “Kit” Bond (R-Mo). Bond is the first Republican co-sponsor for the measure in the Senate.

The measure is a companion to a House bill which would require credit card brands to negotiate with merchants to reach a voluntary agreement on credit card terms and conditions. If an agreement could not be reached, both sides would be required to submit their final offers to binding arbitration by a panel of antitrust experts appointed by the Department of Justice and Federal Trade Commission.

“The addition of Senator Bond to this bill underscores the bipartisan support for fixing this problem,” said Mallory Duncan, said Senior Vice President and General Counsel for the National Retail Federation.

“Protecting retailers and their customers from the greed of credit card companies is an issue that crosses party lines. Congress is hearing more and more often from their constituents that it's time to do something about a fee that gives a windfall profit to the credit card industry at a time when the average American is struggling to pay for groceries and to fill the tank. The public thinks it's time to do something about these fees, and members of Congress are responding,” Duncan said.

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