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Chaffetz applauds Court Settlement over Bank Interchange Fees
WASHINGTON, DC – Utah Congressman Jason Chaffetz responded today to the recent settlement of a long running anti-trust dispute between a coalition of retailers and credit card companies.
“Last week’s sweeping anti-trust settlement between retailers and credit card issuers demonstrates once again why the Courts, rather than Congress, are the appropriate venue for negotiating complex and far-reaching private sector disputes. Interference by Congress to force price controls such as the Durbin Amendment, which was inserted into the 2010 Dodd Frank legislation, inevitably generate more conflict, more complexity and more uncertainty. These disputes belong in the Courts, where the parties can draw upon the time, resources and expertise needed to navigate such issues. With this decision, the major parties to the dispute are in agreement and each can now turn their attention to doing what they do best – growing the economy.”