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Lawmakers rally for consumer and retailer-friendly credit card reforms

By FOX 32 News
Published  September 13, 2023 5:42pm CDT
Illinois
FOX 32 Chicago

Durbin pushes lawmakers to pass Credit Card Competition Act

Lawmakers are once again pushing to make credit card use easier for consumers and retailers. Illinois Sen. Dick Durbin urged other lawmakers on Wednesday to pass the Credit Card Competition Act.

SPRINGFIELD, Ill. - Lawmakers are once again pushing to make credit card use easier for consumers and retailers.

Illinois Sen. Dick Durbin spoke on the Senate floor Wednesday urging other lawmakers to pass the Credit Card Competition Act.

The bipartisan legislation would enhance competition and choice in the credit card network market, which is currently dominated by the Visa-Mastercard duopoly. 

With that, Durbin says the fees businesses face and pass along to consumers would decrease at a time when inflation is rising.

"While we're trying to fight inflation every angle we can find to bring down the cost of groceries and gas, the credit card companies have decided [it's] just the right time to have this ‘take it or leave it’ fee," said Durbin.

If passed, Durbin said the Credit Card Competition Act is poised to save businesses and consumers $15 billion a year.