{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='USA: JUSTICE DEPARTMENT FILES LAWSUIT AGAINST VISA/MASTERCARD' data-url='/boclips/videos/5c54bd8ad8eafeecae134f1b' data-video-url='/boclips/videos/5c54bd8ad8eafeecae134f1b' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nUSA: JUSTICE DEPARTMENT FILES LAWSUIT AGAINST VISA/MASTERCARD\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eEnglish/NatThe American Justice Department sued Visa and MasterCard, the nation's two largest credit card networks, on Wednesday, on grounds they limited credit card competition.The government said that together, Visa and MasterCard...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eEnglish/Nat\u003cbr/\u003eThe American Justice Department sued Visa and MasterCard, the nation's two largest credit card networks, on Wednesday, on grounds they limited credit card competition.\u003cbr/\u003eThe government said that together, Visa and MasterCard account for 75 percent all credit card purchases in the United States.\u003cbr/\u003eThe market domination by the networks - both effectively controlled by the same banks - is seen to deny customer choice.\u003cbr/\u003eIn a lawsuit filed in New York, the U-S Justice Department's antitrust division has challenged the joint control of America's two main credit card networks by the same group of large banks.\u003cbr/\u003eThe lawsuit also challenges rules imposed by both Visa and MasterCard barring banks that issue their cards from doing business with other, smaller competing credit card networks, like American Express and Discover.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"These exclusionary rules deny consumers the ability to choose among a variety of credit card products. America's consumers have simply lost out. They have lost the benefit of vigorous competition between the two largest credit card networks, which means that they have not enjoyed the innovation that competition brings. For example, smart cards, cards that use a computer chip that will expand the ways consumers can make purchases, have been delayed for about a decade because of this lack of competition.\"\u003cbr/\u003eSUPER CAPTION: Janet Reno, U.S. Attorney General\u003cbr/\u003eVisa U-S-A. have promised a vigorous court battle to defend its practices. \u003cbr/\u003eThe action grows out of an extensive investigation begun after a complaint nearly two years ago from American Express. \u003cbr/\u003eAfter the lawsuit was filed, American Express said the lawsuit would help to bring freedom of choice to consumers.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"This is absolutely for America's consumers. Indeed, if you look at the action, the first thing we try to do is increase competition between the two major entities in this industry. That is MasterCard and Visa. We want them to compete vigorously for one reason, to help consumers, to help businesses that rely on credit cards, that need these innovations, that could use smart cards, that could use security on the Internet. Second, we want to make sure that banks are able to decide on an individualized basis what kind of new opportunities to pursue, that they're not tied down by the market power of Visa or MasterCard. If competition brings good things to America's consumers, we are happy. As to who wins that competition, that is for the marketplace, not the anti-trust division to decide.\"  \u003cbr/\u003eSUPER CAPTION: Joel Klein, U.S. Assistant Attorney General\u003cbr/\u003eThe government says it believes that greater competition in the credit card industry will eventually lead to lower interest rates for consumers.\u003cbr/\u003e Washington, D.C.  October 7, 1998 and File\u003cbr/\u003e1. Wide shot of Attorney General Janet Reno and Assistant Attorney General Joel Klein entering room, push into close-up of Reno.\u003cbr/\u003e2. Pan chart of past statements by Visa and MasterCard executives.\u003cbr/\u003e3. SOUNDBITE: (English) Janet Reno, U.S. Attorney General.\u003cbr/\u003e4. File of Visa card being swiped through machine.\u003cbr/\u003e5. File of woman pulling Visa card from her wallet.\u003cbr/\u003e6. File of man placing credit card on counter.\u003cbr/\u003e7. SOUNDBITE: (English) Joel Klein, U.S. Assistant Attorney General.\u003cbr/\u003e8. Woman pulls American Express card from her wallet. \u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator Rating\u003c/dt\u003e\n\u003cdd\u003e\u003cspan class=\"star-rating\" aria-label=\"3.5 out of 5 stars\" role=\"img\"\u003e\u003ci class=\"fa-solid fa-star text-action\" 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class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eDate\u003c/dt\u003e\n\u003cdd\u003e1998\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003ci aria-hidden='true' class='fai fa-solid fa-language'\u003e\u003c/i\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eAudiences\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?audience_ids%5B%5D=371079\u0026amp;grade_ids%5B%5D=259\u0026amp;search_tab_id=1\"\u003eFor Teacher Use\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\u003cdd class=\"text-muted\"\u003e\u003ci class=\"fa-solid fa-lock mr5\"\u003e\u003c/i\u003e2 more...\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='concepts-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' 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