The Credit Card Competition Act (S.1838) also called the CCCA, sponsored by Sens. Durbin (D-Ill.), Marshall (R-Kan.), Vance (R-Ohio) and Welch (D-Vt.), will help lower the burdensome swipe fees businesses face just to make a simple credit card transaction. Today, Visa and Mastercard control nearly 80 percent of credit card services nationally. This duopoly gouges prices and prevents competition from entering the market.
This bill will create more competition in the credit card processing business that will ultimately lower prices, creating savings for businesses and consumers. It is still in the Senate Committee on Banking Housing, and Urban Affairs, but it deserves a vote on the Senate floor.
This policy can prevent continued abuse of small businesses. Every year, these duopolistic credit card companies take $161 billion from storefronts via swipe fees. With little bargaining power, mom-and-pop businesses have been forced to take this raw deal, but together we have the power to fight back.
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