WASHINGTON—Two more senators have signed on as cosponsors of the Credit Card Competition Act, which credit unions strongly oppose.
Joining as co-sponsors are Sen. Josh Hawley (R-MO) and Sen. Jack Reed (D-RI). The legislation’s primary sponsors are Sen. Richard Durbin (D-IL) and Sen. Roger Marshall (R-KS), while other sponsors include Peter Welch (D-VT) and J.D. Vance (R-OH).
Proponents of the bill say it will reduce card processing costs for merchants by providing additional options.
“This shows that support is growing across the country and across the political spectrum for action that would bring competition to credit card swipe fees,” said Chris Jones, a member of the Merchants Payments Coalition’s executive committee and chief government relations officer and counsel with the National Grocers Association.
‘Driving Up Prices’
The Merchants Payments Coalition strongly favors the legislation and is lined up against CUs and other financial institutions in Washington.
“These fees drive up prices for American families in every state every day and fixing this broken market is a priority both sides of the aisle can agree on,” Jones continued. “We thank Senators Hawley and Reed for supporting Main Street businesses and their customers and look forward to working with them to bring fairness to the credit card market.”
House Sponsors
House sponsors of the legislation include Representatives Lance Gooden (R-TX); Zoe Lofgren (D-CA); Tom Tiffany (R-WI); Jefferson Van Drew (R-NJ); Max Miller (R-OH); Bob Good (R-VA); James McGovern (D-MA) and Del. Gregorio Sablan (D-Northern Mariana Islands).
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