Advocacy Action CenterThe bipartisan “Credit Card Competition Act” (S. 1838/H.R. 3881) was introduced to bring competition to the credit card network routing market. Under the legislation, a credit card would be required to have more than one network option on which to route financial data. Requiring more than one network would foster competition and security – bringing down the cost of the swipe fees, increasing transparency of terms, and encouraging innovative services and fraud protection. The legislation is an important step in mitigating the hidden swipe fees levied on merchants. These hidden processing fees negatively impact U.S. consumers, artificially driving up the prices they pay for goods and services. Please join us in urging Congress to support S. 1838/H.R. 3881, the “Credit Card Competition Act!” Reforming the credit card market would foster competition and significantly help Main Street businesses and their customers during these challenging economic times. Thank you! |