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Thursday, October 4, 2012

Keating Letter to Editor: Time for Retailers to Move On

It’s time for retailers to move on and stop asking Congress to intervene on the interchange issue, ABA President and CEO Frank Keating said in a letter to the editor published today by Politico, a prominent Capitol Hill newspaper.

Keating noted that after seven years of court-overseen negotiations, retailers and the card industry in July reached an unprecedented legal settlement that provides about 7 million merchants with more than $7.2 billion. Yet retailers are asking Congress to step in with more government price controls.
[Some retailers] want to continue enjoying the benefits— and lower costs—that come from our nation’s payments system without paying for it, all while attempting to bully Congress into enacting more harmful price controls. Negotiated settlements be damned.

For the sake of consumers and the broader economy, it’s time to put this matter to rest once and for all. Retailers and their surrogates may continue to parade out half-truths that deny that anything bad has come from government price controls, but don’t be deceived. It’s a bad deal all around.
Read the letter.

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