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Visa, Mastercard Get GOP Group Help to Avert Curbs on Swipe Fees

Dec. 5, 2022, 11:00 AM

A new business group led by Republican heavyweights will launch an ad campaign this week in defense of a key source of revenue for Visa Inc. and Mastercard Inc.

The American Free Enterprise Chamber of Commerce, which has branded itself as an alternative to the US Chamber of Commerce, is hoping to gin up opposition to the Credit Card Competition Act, bipartisan legislation that targets the $77 billion banks and payment companies collect from merchants each year whenever consumers swipe their credit cards at checkout.

The bill, which has received support from big retailers like Walmart Inc. and Target ...