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1 month ago10 points(+0/-0/+10Score on mirror)1 child
[Durbin, Marshall, Welch Call for Passage of their Credit Card Competition Act](https://www.judiciary.senate.gov/press/releases/durbin-marshall-welch-call-for-passage-of-their-credit-card-competition-act)
> “American consumers today are concerned about inflation and the high prices of groceries and gas. What they may not know is that the fees charged by Visa and Mastercard when they use their credit card, known as swipe fees, are adding to this problem,” said Durbin. “Merchants have no choice but to accept the outrageous fees if they want to accept credit cards used by their customers. Our bipartisan legislation, which has the support from a wide range of small business owners, would inject real competition in the credit card market. It is long overdue for Congress to break up the sweetheart deal that Visa, Mastercard, and the big banks enjoy. We must bring the bipartisan Credit Card Competition Act to the floor for a vote.”
> “Family's budgets are being stretched to the absolute limit with little room for error while Wall Street and the Visa-Mastercard duopoly line their pockets. But apparently, Visa-Mastercard's 50% profit margin is not enough. They are plotting their next payday, announcing they are hiking up their credit card swipe fees on merchants and consumers again this fall. I won't stand for these massive, wealthy corporations price-gouging small businesses at every turn. Visa and Mastercard's duopolistic, heavy-handed market practices have disproportionately hurt American families and small businesses for far too long. The credit card market is broken, and we have a solution to fix it. We must pass our bipartisan Credit Card Competition Act,” said Marshall.
> “American consumers today are concerned about inflation and the high prices of groceries and gas. What they may not know is that the fees charged by Visa and Mastercard when they use their credit card, known as swipe fees, are adding to this problem,” said Durbin. “Merchants have no choice but to accept the outrageous fees if they want to accept credit cards used by their customers. Our bipartisan legislation, which has the support from a wide range of small business owners, would inject real competition in the credit card market. It is long overdue for Congress to break up the sweetheart deal that Visa, Mastercard, and the big banks enjoy. We must bring the bipartisan Credit Card Competition Act to the floor for a vote.”
> “Family's budgets are being stretched to the absolute limit with little room for error while Wall Street and the Visa-Mastercard duopoly line their pockets. But apparently, Visa-Mastercard's 50% profit margin is not enough. They are plotting their next payday, announcing they are hiking up their credit card swipe fees on merchants and consumers again this fall. I won't stand for these massive, wealthy corporations price-gouging small businesses at every turn. Visa and Mastercard's duopolistic, heavy-handed market practices have disproportionately hurt American families and small businesses for far too long. The credit card market is broken, and we have a solution to fix it. We must pass our bipartisan Credit Card Competition Act,” said Marshall.