S. 3086 (110th): Credit Card Fair Fee Act of 2008

Introduced:
Jun 05, 2008 (110th Congress, 2007–2009)
Status:
Died (Referred to Committee)
See Instead:

H.R. 5546 (same title)
Reported by Committee — Jul 16, 2008

Sponsor
Richard Durbin
Senator from Illinois
Party
Democrat
Text
Read Text »
Last Updated
Jun 05, 2008
Length
55 pages
Related Bills
S. 1212 (111th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Jun 09, 2009

H.R. 5546 (Related)
Credit Card Fair Fee Act of 2008

Reported by Committee
Last Action: Jul 16, 2008

 
Status

This bill was introduced on June 5, 2008, in a previous session of Congress, but was not enacted.

Progress
Introduced Jun 05, 2008
Referred to Committee Jun 05, 2008
 
Full Title

A bill to amend the antitrust laws to ensure competitive market-based fees and terms for merchants' access to electronic payment systems.

Summary

No summaries available.

Cosponsors
1 cosponsors (1R) (show)
Committees

Senate Judiciary

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


6/5/2008--Introduced.
Credit Card Fair Fee Act of 2008 - Authorizes providers of a single covered electronic payment system (e.g., Visa or Mastercharge credit cards) and any merchants to jointly negotiate and agree upon the fees and terms for access to such a system.
Defines covered electronic payment system as any system that has been used for at least 20% of the combined dollar value of credit and debit card payments processed in the most recent year.
Grants limited antitrust immunity to such providers and merchants, as well as to those providers who jointly determine among themselves the proportionate division of paid access fees.
Sets forth procedures to determine fees and terms for access to a covered electronic payment system.
Creates a panel of three full-time Electronic Payment System Judges, appointed by the Assistant Attorney General in charge of the Antitrust Division of the Department of Justice and the Chairman of the Federal Trade Commission, to determine the schedule of fees and terms for two-year periods. Outlines procedures for correcting overpayments, underpayments, and late payments as determined by the Judges. Subjects any determination of such Judges to judicial review.
Authorizes providers and merchants to engage in voluntarily negotiated access agreements. Declares that such an executed agreement shall supersede any fees or terms established by the Judges.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

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