NACDS applauds ‘fair’ card fee legislation

ALEXANDRIA, Va. A move is afoot in Congress to curtail excessive fees imposed by credit card companies for retail transactions, and the National Association of Chain Drug Stores, for one, is solidly behind the effort.

NACDS today applauded action by the U.S. House Judiciary Committee to address the issue of retail credit card fees.

In a letter to Judiciary Committee Chairman John Conyers, D-Mich., NACDS endorsed H.R. 5546, the “Credit Card Fair Fee Act.”

The bipartisan bill, introduced by Conyers and Rep. Chris Cannon, R-Utah, would ensure that credit card “interchange” fees are set in open negotiations between retailers and credit card companies.

That would mark a big change in how fees are set, and it would help level the playing field for merchants and the customers they serve, NACDS asserted. To mark its support, the organization addressed a letter to the Antitrust Task Force of the Judiciary Committee, which held a hearing today on the proposed legislation. 

“The Credit Card Fair Fee Act will mean a better credit card system for consumers and pharmacies alike,” said NACDS president and chief executive officer Steve Anderson. ”We thank Chairman Conyers and Rep. Cannon for their leadership and urge all members of the House to cosponsor the bill and work for its enactment this year.”