Definition:
A bill proposed by Rep. John Conyers (D-Mich) and Rep. Chris Cannon (R-Utah) that would allow businesses to negotiate their credit card transaction fees. Since merchants often recover these high fees by increasing their prices, consumers will likely receive a positive result if the bill is passed.
The bill was introduced to the 110th session of Congress on March 6, 2008, but never became law. Since the bill was not passed when the 111th session of Congress began in January 2009, it was cleared from the books.
