As the fight against swipe fees in the US continues, NACS and the Merchants Payments Coalition continue to push for passage of the Credit Card Competition Act (CCCA) following a significant boost in momentum gained during Senate consideration of the GENIUS Act stablecoin bill.
Senators Roger Marshall, R-Kan., and Richard Durbin, D-Ill., last month introduced an amendment that would have made the CCCA part of the GENIUS Act, which would establish a regulatory framework for stablecoins. The Senate rarely allows amendments to legislation, however, and senators recently approved a procedural motion to move forward with the bill, effectively cutting off consideration of amendments.
“The past several weeks have seen a tremendous outpouring of demand that Congress address soaring credit card swipe fees that drive up the price of nearly everything consumers buy,” NACS General Counsel Doug Kantor said. “Consumers, small businesses, military stores, Native American tribes and four of the nation’s largest unions have said the time for swipe fee reform has come. Merchants and consumers have been seeking relief from these high fees for years and we won’t give up until the card industry has to compete over swipe fees the same way small businesses have to compete every day.”
NACS recently had its members fly to Washington and activate both their employees and customers to contact Congress. The industry has made hundreds of phone calls and has sent more than 20,000 messages to Capitol Hill, all of which were effective in building support and momentum for credit card reform.
Full story NACS Continues to Fight for Credit Card Competition Act | NACS
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