Leading Retailers Implore Senators to Lower Credit Card Fees
- By [ Austen Jensen ]
- Washington, DC
- 11/19/2024
“Americans have had enough. Inflation and higher costs are hurting families while Wall Street banks and credit card networks are raking in astounding profits. It’s time for Congress to act and help merchants and consumers by passing the Credit Card Competition Act,” said Austen Jensen, executive vice president, government affairs, at the Retail Industry Leaders Association.
Recent data released by CMSPI, a payments consulting firm, shows that swipes fees to process debit and credit card transactions reached an astounding $224 billion in 2023. RILA members believe the Committee must protect consumers by ensuring that competition exists throughout the payments arena. This starts with breaking the Visa-Mastercard duopoly.
“The credit card market is clearly broken. To fix it, Congress must pass the Credit Card Competition Act. This bipartisan legislation will insert needed competition into the payments ecosystem which is the only way to put pressure on Wall Street banks and card networks to lower interchange fees. Senators have an opportunity to rein in these excessive fees by passing the Credit Card Competition Act before the end of the year,” said Jensen.
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RILA is the US trade association for leading retailers. We convene decision-makers, advocate for the industry, and promote operational excellence and innovation. Our aim is to elevate a dynamic industry by transforming the environment in which retailers operate.RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $2.7 trillion in annual sales, millions of American jobs, and hundreds of thousands of stores, manufacturing facilities, and distribution centers domestically and abroad.
Tags
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Competition
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Public Policy
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Supporting Free Markets and Fostering Innovation
