Jeff - is it not the case that as currently proposed, the cap is on interchange not merchant fees. So if you are a small merchant on the receiving end of blended pricing (ie not interchange plus) then you are in exactly the same position for Mastercard/Visa processing fees as you are for AMEX? That is, unless your acquirer/processor decides to reduce your blended rates (on the basis their costs have just been slashed by the interchange cap) then you get zero benefit. Whereas the bigger guys on interchange plus pricing get immediate benefit. It my understanding of the proposed legislation is correct then will we not see a repeat of the impact of the Durbin Act in the US? The benefit of the cap on debit interchange was only passed onto smaller (blended pricing) merchants over time and the acquirer/processors largely profited from the cap? Very few, if any, acquirer/processors introduced pro-active portfolio price reductions and any pass through was limited to tactical re-pricing.