WASHINGTON — Retailers are celebrating the addition of another Senate sponsor for a federal bill that could severely curtail card interchange income.
The newest sponsor is Sen. 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 that 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 the Federal Trade Commission.
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