good morning. this hearing will come to order. american consumers today are rightly worried about inflation and rising prices for the goods they buy. today we re going to talk about a hidden fee that fuels the fires of inflation across america every day. what they may not know is this swipe fee is contributing to the problem of inflation. when swipe fees on credit and debit cards go up, as they recently did, it increases inflation. consumers ultimately pay the price. ironically, this journey for me started in this very room 16 years ago. arlen specter was a chairman at the senate judiciary. he called the hearing on swipe and interchange fees. i attended because i was not familiar with those terms. i heard for the first time what a swipe fee was. the fact that, when i used my debit and credit card, the swipe fee was being charged to the retailer that i was ultimately paying. and then, i learned there was virtually no negotiation of those fees. retailers were at the mercy of
announcer: next, major credit card executives testified on excessive fees for card transactions. that is that card companies announce a fee hike to insert or tap credit and edit cards. this hearing runs two hours. good morning. this hearing will come to order. american consumers today are rightly worried about inflation and rising prices for the goods they buy. today we re going to talk about a hidden fee that fuels the fires of inflation across america every day. what they may not know is this swipe fee is contributing to the problem of inflation. when swipe fees on credit and debit cards go up, as they recently did, it increases inflation. consumers ultimately pay the price. ironically, this journey for me started in this very room 16 years ago. arlen specter was a chairman at the senate judiciary. he called the hearing on swipe and interchange fees. i attended because i was not familiar with those terms. i heard for the first time what a swipe fee was. the fact that, whe
good morning, this hearing will come to order. american consumers today are rightly worried about inflation. and rising prices for the goods they buy. today we are going to talk about a hidden fee that fuels the fires of inflation across america every day. what they may not know is that this swipe fee is contributing to the problem of inflation. one swipe fees on debit or credit cards go up lately just recently did, it increases inflation. and consumers, ultimately pay the price. ironically, this journey for me started in this very room 16 years ago. arland specter, was the chairman of the senate judiciary committee. he called the meeting on swipe ease and interchange fees. i tended because i was not familiar with those terms. and i heard for the first time with a swipe fee was. and in fact why use my debit card and credit card, the swipe fee was being charged to the retailer that i was ultimately playing. and then i learned, that there s virtually no negotiation of those fee
good morning. this hearing will come to order. american consumers today are rightly worried about inflation and rising prices for the goods they buy. today we re going to talk about a hidden fee that fuels the fires of inflation across america every day. what they may not know is this swipe fee is contributing to the problem of inflation. when swipe fees on credit and debit cards go up, as they recently did, it increases inflation. consumers ultimately pay the price. ironically, this journey for me started in this very room 16 years ago. arlen specter was a chairman at the senate judiciary. he called the hearing on swipe and interchange fees. i attended because i was not familiar with those terms. i heard for the first time what a swipe fee was. the fact that, when i used my debit and credit card, the swipe fee was being charged to the retailer that i was ultimately paying. and then, i learned there was virtually no negotiation of those fees. retailers were at the mercy of
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