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Congressional hearing on interchange fees draws differing views
Of four witnesses testifying to a Congressional subcommittee scrutinizing interchange fees, two defended the status quo, one urged more openness by the credit-card organizations, and one said changes are needed.
The hearing, on “The Law and Economics of Interchange Fees,” was held Feb. 15 by the House Energy and Commerce Committee’s Subcommittee on Commerce, Trade and Consumer Protection. Henry O. Armour, president and CEO of the National Association of Convenience Stores (NACS), said he believed in free markets, but saw a need for greater openness, and possibly some change, in interchange practices.
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