In Support Of: Coalition Letter in Opposition to Credit Card Regulation Amendments
From Americans for Tax Reform:
Dear Member of Congress:
We, the undersigned organizations, oppose the inaccurately named Credit Card Competition Act of 2022 (S. 4674) as filed as Senate amendment 6201 to the substitute amendment (SA 5499) proposed to the National Defense Authorization Act for Fiscal Year 2023 (H.R. 7900). The amendment is a backdoor price control, and extension and expansion of the Durbin amendment as enacted in the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203).
As written, the amendment directs the Federal Reserve to draft rules requiring credit cards issued in the United States to offer at least two unaffiliated payment network options for point-of-sale and online transactions.
According to the amendment, the two networks may not both be Visa and Mastercard, because they “hold the 2 largest market shares …
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