But I took an interest in the issue and decided to offer a study to see what the impact was on small businesses and retailers of these interchange fees and swipe fees charged by the banks that issued Visa and MasterCard. The industry had no interest in any study on any aspect of [interchange fees] and made it clear to me they were going to oppose every effort I had. to try to get to understand this issue better by a credible study. I was frustrated by this and decided to make an offer of a change in the law when it came to debit cards. (02:07–02:17)
CLAIM
Asserts that the credit card industry opposed studies on interchange fees.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
