Dear Editor,
In light of the recent $30 billion settlement between Visa, Mastercard, and merchants aimed at reducing credit and debit card fees, it is imperative that the Senate reconsider Dick Durbin’s proposed legislation of the Credit Card Competition Act of 2023.
The settlement, which addresses long-standing allegations of excessive swipe fees and anti-competitive practices, signifies a significant step towards a more equitable credit card industry. With both Visa and Mastercard committing to decreasing swipe rates and removing anti-steering provisions, merchants now have greater flexibility to offer discounts or surcharges based on interchange fees. This landmark agreement is poised to bring tangible benefits to consumers in the form of potentially lower prices.
Given these substantial strides towards addressing industry concerns, along with an American value of free market, it seems prudent to reassess the need for additional legislation such as the Credit Card Competition Act. The measures outlined in the settlement hold the promise of fostering a more competitive landscape without the need for further government intervention.
Therefore, I urge Senator Kennedy & Cassidy to oppose this legislation in light of these recent developments. Additionally, I urge our Louisiana legislators in D.C. to continue to allow the market time to respond to the positive changes brought about by the settlement before considering further regulatory action.
Sincerely,
Francis Willard
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