Congress Questioning Credit Card “Swipe Fees”

A bipartisan group of lawmakers is pushing a bill they say would fight inflation. It would remove expensive credit card “swipe fees,” which small businesses pay. Jeff Burdett heads the Federation of Independent Business in Texas, which supports the so-called “Credit Card Competition Act.” He says reducing the hidden processing fees would drive down costs for small businesses. Those savings would then get passed on to consumers. Congress wants to hear from the Visa and Mastercard heads on Capitol Hill.