Connect with us

Hi, what are you looking for?

US News

Critics Say Democrat Senator’s Credit Card Bill Is Not What It Seems

via Forbes Breaking News
This article was originally published at Publications approved for syndication have permission to republish this article, such as Microsoft News, Yahoo News, Newsbreak, UltimateNewswire and others. To learn more about syndication opportunities, visit About Us.

Senator Dick Durbin’s “Credit Card Competition Act” is misleading in its name, as it actually undermines free-market competition in the payments sector.

The bill proposes credit card routing mandates that would grant the government greater control over payments, potentially putting consumers at risk of being hacked.

Financial institutions fear that the bill would force them to add cheaper payment networks to credit cards, reducing their ability to invest in fraud management systems. (Trending: Olympic Gold Medalist Sentenced For Jan 6)

Big-box stores like Walmart and Target support the bill, as it could save them millions in processing costs, but at the expense of consumers’ security.

This legislation prioritizes the profits of big-box retailers over consumer security, potentially increasing the risk of fraud.

Most Popular:

Walmart Joins ‘Woke’ Companies and Angers Conservatives

WWE Legend Sentenced To 17 Years In Prison

Biden Impeachment Vote Coming To House Floor

You May Also Like