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Durbin, Marshall Statement On Reports VISA & Mastercard Plan To Increase Swipe Fees On American Families And Businesses

Statement

Date: Aug. 30, 2023
Location: Washington, D.C.
Issues: Finance and Banking

"We strongly urge Visa and Mastercard to withdraw their plan to raise credit card fees on small business owners and hard-working American families.

According to the Nilson Report, U.S. merchants paid an estimated $93 billion in Visa and Mastercard credit card fees last year--a huge jump from the $33 billion paid in 2012. Merchants pass these costs on to consumers in the form of higher prices. With small businesses and families already dealing with high prices on groceries and gasoline, this hidden credit card fee increase couldn't come at a worse time.

Today's news solidifies that it is time to pass our bipartisan, bicameral legislation--the Credit Card Competition Act--to enhance competition between credit card networks and ultimately lower costs forbusinesses and consumers. We need to bring real competition to the credit card industry. Our bill ensures that the Visa-Mastercard duopoly ends their price gouging tactics that disproportionately hurt American families and small businesses."


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