Senate Hearing May Reshape Credit Card Industry and Consumer Costs

The U.S. Senate Judiciary Committee is set to discuss the dominance of Visa and Mastercard in the credit card industry on November 19, potentially leading to changes in swipe fees charged to businesses. This discussion is part of the Credit Card Competition Act, which aims to introduce more competition and possibly lower fees. While the meeting signals interest in addressing high credit card fees, it does not guarantee immediate legislative changes. The impact on consumers and businesses remains uncertain, with some expressing concerns over potential loss of credit card rewards.