ICYMI: Support for Durbin-Marshall Credit Card Competition Act Continues to Grow Despite Coordinated Smear Campaign by Credit Card and Airline Companies, Wall Street Banks
WASHINGTON – In case you missed it, support for the bipartisan Credit Card Competition Act (CCCA) continues to grow, despite false claims spread by credit card and airline companies, Wall Street banks, and other special interests.
A recent study found that CCCA would have a negligible impact—at most—on rewards if enacted and noted that banks’ swipe fee profits would provide a more than sufficient margin to maintain current levels. Despite that fact, Visa, Mastercard, and Wall Street banks have poured more than $51 million into lobbying efforts to defeat the legislation, which is estimated to save merchants and consumers $15 billion each year.
Building off of debit card competition reforms enacted by Congress in 2010, the CCCA would direct the Federal Reserve to ensure that the largest credit card-issuing banks offer a choice of at least two networks, one of which must be a network other than Visa and Mastercard, over which an electronic credit transaction may be processed. U.S. Senators Peter Welch (D-VT), J.D. Vance (R-OH), Jack Reed (D-RI), and Josh Hawley (R-MO) are cosponsors of the legislation.
The CCCA has earned the support of key unions—including the International Brotherhood of Teamsters and the Service Employees International Union (SEIU)—and over 200 state and regional business associations, including: the American Beverage Licensees, Armed Forces Marketing Council, Energy Marketers of America, FMI, Hispanic Leadership Fund, International Franchise Association, National Association of College Stores, National Association of Convenience Stores, National Association of Theater Owners, National Grocers Association, National Restaurant Association, National Retail Federation, National Wildlife Refuge Association, NATSO, NFIB, Retail Industry Leaders Association, SIGMA, and U.S. PIRG.
Read coverage on the growing support of the CCCA below:
Lawmakers Can Help America’s Restaurants Feed Economy
Michelle Korsmo | Real Clear Politics | April 17, 2024 | Link
Credit Card Competition Act would help small businesses
Faraz Sardharia | Chicago Sun Times | April 11, 2024 | Link
What the Fight Over the Capital One-Discover Merger Misses About Our Terrible Credit Card System
Aaron Klein | The New York Times | March 15, 2024 | Link
The Credit Card Competition Act Is a Step Forward
Efraim Berkovich | RealClearMarkets | February 12, 2024 | Link
Credit card company monopolies impact small businesses
Scott Reeder | Springfield Business Journal | February 5, 2024 | Link
I run a family-owned grocery in Chicago. Credit card swipe fees hurt us and our customers
Scott Reeder | Chicago Sun Times | December 18, 2023 | Link
Credit card swipe fees raise costs for businesses, consumers. Congress should lower those fees.
Editorial Board | Chicago Sun Times | December 12, 2023 | Link
The Credit Card Competition Act will help support a stronger, more competitive free market
Chris Griswold | The Hill | December 12, 2023 | Link
Swipe fees for credit cards
Robert Razowsky | Chicago Tribune | September 24, 2023 | Link
Bipartisan bill to address credit card swipe fees would help small businesses
Elaine Parker | The Hill | September 24, 2023 | Link
Small businesses need the Credit Card Competition Act
Coalition of Franchisee Associations Chairman John Motta | The Hill | February 24, 2023 | Link
-30-
