Credit Card Companies Should Suspend Fees On Charitable Contributions

Floor Speech

Credit Card Companies Should Suspend Fees On Charitable Contributions

Mr. COHEN. Madam Speaker, as the world watches the crisis, the tragedy in Haiti, many people are coming forth with charitable contributions to help different organizations that are sponsoring efforts, and it is commendable and wonderful. But what was discovered is that the credit card companies are charging their customary 3 percent fee on those credit card contributions. That is wrong. And the credit card companies, I believe, saw it was wrong, and they put that off for 60 days on contributions given to certain groups.

What I am looking into introducing is legislation, and-or through a letter of request to the administration, suspending credit card fees, except those for processing, on contributions to 501(c)(3) charities.

When people make contributions to charities, and contributions are down now because of the recession, the full amount should be going to that 501(c)(3). Complete charitable contributions should be permitted, and the credit card companies should work with us, at least if it is a disaster like Katrina, like what we have experienced in Haiti or with the tsunamis or with tornados in our Nation.

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