Senator Dick Durbin and six other members of Congress have sent a letter to Visa and Mastercard insisting that they reverse plans to increase credit card swipe fees by about $500 million annually.
In the letter, the lawmakers complained that the duopoly of Visa and Mastercard is raising fees not because of innovation or better service but rather because of price-gouging.
A bipartisan group of senators introduced legislation in June designed to enhance competition and choice in the credit card network market currently dominated by the Visa-Mastercard duopoly.
