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.
Durbin-Marshall Bill Puts Consumers’ Private Financial Data at Risk
One of the first lessons of politics is to never take a bill’s name at face value. Case in point, Sen. Dick Durbin’s (D-IL) new bill is called the “Credit Card Competition Act,” but a closer look reveals it… pic.twitter.com/5bL5evW4GQ
— Unlimited L's (@unlimited_ls) December 6, 2023
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