All articles tagged with #credit card competition act
Sen. Roger Marshall agreed not to call up his amendment to crack down on credit card swipe fees during the Senate Agriculture Committee’s crypto bill markup, avoiding a clash with retailers that could jeopardize the crypto legislation. The measure, backed by Durbin and Welch, may not be brought up, and White House officials have warned that pursuing it could complicate passage of the crypto bill.
The Credit Card Competition Act, which aims to increase competition among credit card networks and reduce fees for merchants, remains stalled in Congress despite support from some lawmakers and President-elect Donald Trump. The bill, introduced by Sens. Roger Marshall and Richard Durbin, would require banks to offer at least two networks for processing transactions, challenging the dominance of Visa and Mastercard. Critics argue it could harm loyalty programs and small businesses, while proponents believe it will enhance competition. The Senate Judiciary Committee has urged Visa and Mastercard to self-regulate to avoid legislative action.
The Executive Vice President and Director of Operations of Main Street Management, T.J. Oakley, urges Senators Mitch McConnell and Rand Paul, along with the entire Kentucky delegation, to pass the Credit Card Competition Act (CCCA) to address the crushing impact of credit card swipe fees on restaurants and small businesses. With the top two credit networks controlling over 80% of the market, Oakley highlights the lack of competition and the burden of swipe fees, which add about 3% to every credit card transaction. The CCCA would require at least two competing networks on every credit card, introducing competition and potentially saving businesses and consumers an estimated $15 billion annually.