[WASHINGTON, D.C.] – United States Senator Dick Durbin (D-IL) released the following statement today after credit card giant Visa announced it would voluntarily ease the interchange fees charged to gas stations in the face of record high gas prices.

“Visa’s announcement is a positive step and an acknowledgment that high interchange fees are hurting merchants and consumers."

“Businesses and consumers are getting nickled and dimed by the big banks, who end up making billions from these hidden fees. The setting of non-negotiable rates by companies with overwhelming market power not only represents a failure of the market, it pinches the pocketbook of every American.”

“Congress needs to pass meaningful and comprehensive reform of interchange fees. These fees need to be fairly and transparently negotiated so American consumers and businesses can get a fair shake from the credit card companies.”

Earlier this month, Durbin introduced legislation to allow large and small businesses to negotiate directly with credit card companies and banks to reduce the interchange fees that are charged on every credit card transaction. 

Durbin’s Credit Card Fair Fee Act of 2008 would safeguard consumers and retailers by preventing credit card companies from using their market power to charge unfair fees through an unfair process.  Recognizing that certain widely-used electronic payment systems have become nearly as important to our consumer economy as cash, the bill would ensure that retailers have access to these electronic payment systems at fair rates and terms.