Durbin Visits Local Peoria Small Business to Discuss Credit Card Competition Act
Press Release
Issues: Finance and Banking
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“Across Illinois, the story is the same—small businesses are faced with exorbitant credit card fees and a ‘take it or leave it’ choice imposed by Visa and Mastercard. In 2022 alone, Illinois merchants and consumers paid $3.8 billion in credit card swipe fees to line the pockets of the biggest Wall Street banks. It’s time to pass my Credit Card Competition Act to introduce competition and choice to the credit card market and bring down excessive credit card fees.”
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