The Credit Card Competition Act targets a system of inflated fees that swell the profits of the country’s biggest banks. If passed, it would lead to lower prices and diminished inflation.
The credit-card industry wants its customers to know about a threat to “our favorite cash back and travel rewards programs.” They could disappear forever,, if Congress approves a piece of legislation called the Credit Card Competition Act. It remains to be seen if that prospect will inspire masses of cardholders to reach out to their senators and representatives with the message—“Hands off my rewards!”—that industry lobbyists have crafted for the occasion.
To confuse matters further, the industry collects these fees from merchants, who swallow part of the expense and pass the rest along to their customers—all their customers, including the ones who don’t use credit cards.
Their optimism stems partly from the identity of the bill’s principal sponsor in the Senate, Dick Durbin, Democrat of Illinois. Durbin, who holds the post of Majority Whip, engineered the enactment of a measure that slashed debit-card fees a decade ago. Working this time with a Republican co-sponsor, Senator Roger Marshall, of Kansas, Durbin tried to get his proposal attached to a defense-funding bill in October.
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