After 20 years of disputes, Visa, Mastercard, and their issuing banks have reached a historic settlement with U.S. merchants to limit credit and debit card interchange fees. Merchants project savings of more than $200 billion, with small businesses benefiting from lower fees, the ability to pass on card processing costs, and more flexibility in card acceptance.

This agreement resolves the nationwide litigation that began in 2005 and eliminates the rationale for the proposed Durbin-Marshall price control bill.

The market, not politicians, should set prices.