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The 2009 GAO study on interchange states that consumers could be harmed if Congress acts to lower what merchants pay to accept debit and credit.
The conclusion is clear: Members of Congress should not put the needs of giant retailers over the needs of consumers.
Read the EPC statement on the report
Download: "Who is Telling the Truth?"
Click here to read the full GAO report
News Coverage of the GAO Report
“U.S. consumers may not save money and could wind up paying more for purchases if lawmakers force credit-card companies to cut processing fees charged to merchants, a government watchdog said.”
--Bloomberg News, “Lower Card ‘Swipe’ Fees May Hurt Consumers, GAO Says”
“U.S. congressional auditors said it would be hard to identify savings to consumers if lower credit card charges to merchants were to be imposed.”
--Reuters, “US GAO: hard to see consumer savings from card fees”
“Proposals to cut the fees credit card issuers charge merchants would be challenging to implement, the Government Accountability Office said in a report Thursday.”
--Dow Jones, “GAO: Proposals to Cut Credit Card Merchant Fees Hard to Implement”
Small Business and Economic Groups on GAO Report Implications
"In light of [the GAO Report], the Small Business & Entrepreneurship Council (SBE Council) urged Congress to carefully consider the negative fallout for small businesses and their customers of any new regulations or interference in this competitive market."-The Small Business & Entrepreneurship Council
Read The Small Business & Entrepreneurship Council's Statement here
“Today's GAO report throws some much needed cold water on the misleading claims of big merchants such as 7-Eleven Inc. and shows the campaign for interchange fee controls for exactly what it is -- a self-interested push by retailers to shift credit and debit card processing costs to consumers.” --John Berlau, Competitive Enterprise Institute
Read the Competitive Enterprise Institute's Statement here
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