Credit Card System Broken & in Need of Fixing

The Hill reported recently in its "On The Money" blog that retailers and banks are "ready to go another round over credit card swipe fees."

Reporters Vicki Needham and Peter Schroeder wrote:

"Retailers are pushing for changes to credit card swipe fees nearly a year to the day after they triumphed in one of the biggest lobbying battles ever. 

"The Federal Reserve lowered the fees that merchants are charged when customers swipe a debit card last year, handing a decisive win to retailers after a multi-million dollar advocacy war with big banks. "

"With that victory notched, retailers are coming back for more, this time setting their sights on a credit card market overhaul they say would end a bank monopoly on pricing and increase competition."

"Retailers say they have canvassed Capitol Hill and have found broad agreement that the credit card system is broken and in need of fixing."

Read more here.