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Our Economy: Federal government demands explanation in recall of child seats; credit card companies seek to make credit cards harder to counterfeit

WASHINGTON (WKRC) -- The federal government is ordering child seat maker Graco to explain why it didn't include 1.8 million infant seats in a recent recall for faulty buckles.

Graco has until March 20 to explain why last month's recall of 3.8 million child seats didn't include infant seats which have the same buckles that can get stuck on the child seats.

Credit card companies Mastercard and Visa say they've formed a new cross-industry group to enhance payment system security.

The new group plans to focus on the adoption of computer chips that store information rather than on traditional magnetic strips.

The new cards with chips are supposed to be harder to counterfeit and better protect sensitive data through encryption.

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