Durbin, Gooden Request Accounting For Exorbitant Swipe Fees By Fed Government
WASHINGTON – Today, U.S. Senate Majority Whip Dick Durbin (D-IL) and U.S. Representative Lance Gooden (R-TX-05) requested a comprehensive review by the Government Accountability Office (GAO) detailing the federal government's interchange fee expenses over the last five fiscal years. This request highlights the exorbitant credit card interchange or "swipe" fees, a staggering burden the federal government and, in turn, American taxpayers, pay at around $240 million every year. In addition to Durbin and Gooden, the letter was also signed by U.S. Senators Peter Welch (D-VT) and Roger Marshall, M.D. (R-KS), along with Representatives Zoe Lofgren (D-CA-18), Jeff Van Drew (R-NJ-02), Tom Tiffany (R-WI-07), and Gregorio Kilili Camacho Sablan (D-At-Large-Northern Mariana Islands). The lawmakers wrote, “The Visa-Mastercard duopoly and the nation’s largest banks that issue their cards wield enormous market power in the credit card system, and they have used that power to
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