WASHINGTON — The National Retail Federation renewed its call for Congress to pass the Credit Card Competition Act after the bipartisan reintroduction of the legislation aimed at reducing credit card swipe fees.
In a statement issued on Jan. 13, NRF praised Sens. Roger Marshall (R-Kan.) and Dick Durbin (D-Ill.), along with Reps. Lance Gooden (R-Texas) and Zoe Lofgren (D-Calif.), for their ongoing leadership in challenging what it described as a credit card swipe fee “duopoly.”
NRF stated that the legislation would level the playing field for millions of U.S. businesses that currently have no control over non-negotiable transaction fees associated with every credit card purchase. By promoting competition among payment networks, the bill aims to reduce costs for retailers and, ultimately, consumers.
“By fostering much-needed competition, this bipartisan legislation will provide direct relief to both retailers and consumers, ensuring the industry can continue delivering quality products at affordable prices,” the federation said.
NRF urged Congress to act quickly on the bill, warning that unchecked swipe fees keep rising and put more pressure on businesses in the retail sector.
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