Senate Hearing May Reshape Credit Card Rewards and Fees

Senator Dick Durbin's proposed legislation aims to break the Visa-Mastercard duopoly by requiring large banks to use multiple payment networks, potentially reducing credit card rewards and impacting economic stability. The law could benefit American Express and Discover, but critics argue it may lead to unintended consequences, such as reduced consumer rewards, higher costs, and limited credit availability. The debate highlights the complexity of balancing competition with consumer benefits in the payment processing industry.