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News Now

Washington
House members urge vote on interchange bill
WASHINGTON (8/8/08)--Four members of the U.S. House of Representatives this week urged leadership to commence a full House vote on a bill that would give merchants an antitrust exemption to negotiate interchange fees. The Credit Card Fair Fee Act (H.R. 5546) narrowly squeaked by the House Judiciary Committee last month with a 19-16 vote. U.S. Reps. Peter Welch (D-Vt.), Chris Carney (D-Pa.), Keith Ellison (D-Minn.) and John Yarmuth (D-Ky.) urged House Speaker Nancy Pelosi (D-Calif.) and Majority Whip Steny Hoyer (D-Md.) to bring the bill to full House vote before the Congressional session concludes. The Credit Union National Association (CUNA) opposes government intervention in setting interchange fees. CUNA believes that the tight committee vote and a short remaining legislative calendar will combine to preclude a final vote on an interchange bill this year. However, CUNA President/CEO Dan Mica added that CUNA does not assume H.R. 5546 is dead, and will remain active on the Hill in "beating the legislative drums against floor consideration and passage." "HR 5546 is not necessary for credit unions and will work against consumers in the long run. We will continue to oppose it," Mica added.


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