FINANCE BRIEF: Groups Back Senate Bill Aimed at Visa, Mastercard

Organizations pushing for lower credit card fees are launching a campaign to support legislation aiming to crack the “Visa-Mastercard duopoly” described by the Senate’s number two Democrat.

Groups including Accountable.US, Consumer Reports, and the International Brotherhood of Teamsters joined the effort to back the Credit Card Competition Act of 2023 (S. 1838) — a bill pushed by Senate Majority Whip Dick Durbin (Ill.) to require banks to offer multiple payment networks on the credit cards they issue.

As is, Visa and Mastercard control over 80 percent of the US credit card network. Proponents of S. 1838 say more ...