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The short explanation of this alert was:

Senate Majority Whip Richard Durbin (D-IL) has introduced the Credit Card Fair Fee Act of 2009, S.1212. This legislation would provide limited antitrust immunity for retailers of all sizes to negotiate across the table from Visa and MasterCard and card-issuing banks. S.1212 is similar to the Credit Card Fair Fee Act of 2008.

Currently, Visa and MasterCard control roughly 80% of the payments card market. They set interchange rates and the banks that issue their cards all charge the same set of fees even though they are supposed to be competitors. The Credit Card Fair Fee Act of 2009 would give retailers an opportunity to negotiate these rates, and would help restore competition to this broken market. We strongly encourage you to contact your Senators and ask them to co-sponsor S.1212.

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