For Immediate Release
Contact: (202) 589-2427

Roundtable Opposes Electronic Payments System Price Controls Bill

Washington, D.C. – March 7, 2008 – The Financial Services Roundtable opposes the bill, “The Credit Card Fair Fee Act of 2008” introduced last night in the U.S. House of Representatives by Rep. John Conyers (D-MI) and Rep. Chris Cannon (R-UT) that would impose price controls on the electronic payments system.

“Price controls are unnecessary and harmful in a market that clearly works,” said Steve Bartlett, President and CEO of The Financial Services Roundtable. “The convenience of the electronic payments system is simply the cost of doing business, just like rent, salaries and other overhead.”

By accessing this system, merchants see increased sales at the register,
significantly greater fraud protections, and nearly instant payment. The Electronic Payment System is a useful tool for all those involved.

The Financial Services Roundtable represents 100 of the largest integrated
financial services companies providing banking, insurance, and investment
products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO.

Roundtable member companies provide fuel for America's economic engine, accounting directly for $66.1 trillion in managed assets, $1.1 trillion in revenue, and 2.5 million jobs.

The Roundtable and the Housing Policy Council have partnered with other
industry leaders to form HOPE NOW. HOPE NOW is an alliance between
counselors, mortgage market participants, and mortgage servicers to create a unified, coordinated plan to reach and help as many homeowners as possible.

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www.electronicpaymentscoalition.org