The Credit Card Competition Act would harm successful businesses in the name of competition ...Middle East

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The Credit Card Competition Act would harm successful businesses in the name of competition
To lower costs for consumers, the Credit Card Competition Act aims to increase competition in the payment processing industry and decrease interchange fees by banning the safest and largest credit card processors from fully operating. But manipulating the industry would ultimately harm consumers. Sens. Richard Durban (D-Ill.) and Roger Marshall (R-Kan.) introduced the bill in 2022 in response to complaints from small businesses and consumers who are frustrated by increased costs of interchange fees and asked Congress to intervene. Interchange fees are costs that businesses must pay to accept credit card payments, and amount to about 2-3 percent per purchase. While these fees have al

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