Sen. Roger Marshall (R-KS), the lead Republican advocate for the Credit Card Competition Act (CCCA), issued a statement last week. He revealed that he had brokered an agreement ensuring a forthcoming vote on the CCCA in return for his consent to advance the National Defense Authorization Act (NDAA) without voting on a CCCA amendment. Retailers expressed their disappointment as the CCCA was not considered for inclusion in the NDAA. However, without their support, Sen. Marshall wouldn’t have been able to generate the influence needed to guarantee a future vote on this legislation within the year.
Retailers can keep the pressure on by continuing to send messages, attend local events, and host small business roundtables with Senators in their community. This helpful response page tool is also highly recommended.
In a statement, Sen. Marshall said, “The number one concern back home is inflation. Prices for gas and groceries are skyrocketing, especially in rural America. We need to do all we can to drive down costs, and our legislation will do just that. We are looking forward to getting this bipartisan bill passed together in the near future. Today, we were given assurances that the Credit Card Competition Act will be given a vote this Congress. Swipe fees, the Visa-Mastercard duopoly, and the Wall Street banks that back them are price-gouging American families nationwide at a rate seven times higher than the EU. That will soon end. We will inject competition into the credit card market without price controls and help our Main Street businesses and consumers. The days of globalists on Wall Street taking advantage of American families will soon be over.”