SENATE BILL REPORT
SJM 8020


This analysis was prepared by non-partisan legislative staff for the use of legislative members in their deliberations. This analysis is not a part of the legislation nor does it constitute a statement of legislative intent.

As of March 21, 2007

Brief Description: Seeking congressional action to limit credit card interchange fees and to develop clear and concise consumer disclosure on such fees.

Sponsors: Senators Jacobsen and Spanel.

Brief History:

Committee Activity: Financial Institutions & Insurance: 3/27/07.


SENATE COMMITTEE ON FINANCIAL INSTITUTIONS & INSURANCE

Staff: Vanessa Firnhaber-Baker (786-7471)

Background: Credit and debit cards are increasingly used to make consumer transactions. The number of credit and debit card transactions each year now exceeds the number of check transactions. Each year billions of dollars are paid to credit card companies in the form of "interchange fees." These fees have risen 85 percent since 2001. There are concerns that the lack of transparency regarding these fees is economically and socially harmful to merchants and their consumers.

Summary of Bill: The United States Senate and House of Representatives are requested to hold hearings on interchange fees, to take action limiting credit card interchange fees, and to develop clear and concise disclosures to consumers and retailers regarding these fees.

Appropriation: None.

Fiscal Note: Not requested.

Committee/Commission/Task Force Created: No.