Industry Says GAO Finds That Consumers Could Be Harmed by Interchange Regulation

The Electronic Payments Coalition has issued the following statement in response to today's release of a report on interchange fees from the Government Accountability Office:

Today's GAO report concludes that consumers could be harmed if Congress acts to lower what merchants pay to accept debit and credit.

As the GAO noted in its report, merchants receive myriad benefits when they accept debit and credit cards, including increased sales and reduced labor costs. But giant retailers have been lobbying Congress to pay less than their fair share, and have their customers pay for these fees instead.

The GAO's report leads to a clear conclusion: current interchange legislation places the needs of giant retailers over the needs of consumers. We urge Members of Congress to protect the interests of their constituents, and to oppose harmful interchange legislation.