The union and trade associations sent a letter to every Member of the House of Representatives, calling on Congress to prevent the US major banks and credit card companies from continuing their practices which have a negative effect on the American consumers and businesses. The letter mentions that major banks and credit card companies have taken advantage of their power in the marketplace to set business practices that are costing retailers and working families tens of billions of dollars per year. The letter further suggests that it is the federal agencies which are responsible for the protection of American consumers from the credit card industrys abuses. According to the trade associations, these agencies have failed to use their authority to stop the unfair practices. Furthermore, the trade associations urge the Congress to take the necessary measures and restore fairness in the financial marketplace for working families and merchants. In 2007, banks gained USD 42 billion in interchange fees.
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