News
ATR Opposes Reintroduction of Credit Card Competition Act
Today, Sens. Dick Durbin (D-Ill.), Roger Marshall (R-Kan.), Peter Welch (D-Vt.), and J.D. Vance (R-Ohio) reintroduced the Credit Card Competition Act (CCCA). Reps. Lance Gooden (R-Texas) and Zoe Lofgren (D-Calif.) introduced the House companion bill. ATR opposes the reintroduction of CCCA and urges members of Congress to oppose passage. If…
ATR Response to NYT Op-Ed: “The Dirty Little Secret of Credit Card Rewards Programs”
Chenzi Xu and Jeffrey Reppucci’s op-ed in The New York Times, “The Dirty Little Secret of Credit Card Rewards Programs,” (op-ed, March 4) weaves together a facile understanding of rewards. They point out that “when credit card rewards increase” interchange fees do too. Of course, they do. Rewards programs cannot operate without…
ATR Op-Ed in Townhall: Consumer Privacy at Risk under Credit Card Competition Act
On February 26, 2023, Townhall published an op-ed by ATR Federal Affairs Manager Bryan Bashur. The op-ed explains how legislation like the Credit Card Competition Act (CCCA) will put consumer privacy at risk. The piece begins by explaining how the CCCA threatens the privacy of payment transactions that…
Q&A on Credit Card Regulation
Americans for Tax Reform has been consistently opposed to government regulation of debit and credit card transactions. Last year, ATR opposed the Credit Card Competition Act (117th Congress; S. 4674) because, if enacted, it would have unnecessarily regulated credit card transactions. The bill as introduced was also an extension of the onerous Durbin…
ATR Op-Ed in RealClearMarkets: “Credit Card Regulation Empowers the Fed to Restrict Consumer Choice”
via RealClearMarkets Instead of promoting competition, the Credit Card Competition Act of 2022 expands the power of the Federal Reserve to distort the supply and demand of the credit card market to a point where consumers will see rewards programs largely disappear. This government intervention will lead to fewer…
2022 Coalition Letter Opposing the Credit Card Competition Act
Click here to read the full letter:…
ATR Opposes Credit Card Competition Act of 2022
Americans for Tax Reform vehemently opposes the Credit Card Competition Act of 2022. The bill is sponsored by Senators Dick Durbin (D-Ill.) and Roger Marshall (R-Kan.). If enacted, the bill would alter the landscape of credit cards to where multibillion-dollar retailers would gain significant control of payment processing at the expense…
Partisan FTC and DOJ Misconstrue Debit Card Landscape
Partisanship and left-wing extremism epitomize the Biden administration. This has made it exceedingly difficult for the administration to finalize a deal with moderate Democrats on the multi trillion-dollar tax-and-spend package. What is important to note though is that this partisanship extends beyond the doors of the White House and is…
Americans for Tax Reform Coalition Letter on the Durbin Amendment
Click here to view the full letter…
ATR Op-Ed in RealClearMarkets: “Let’s Block Government Intervention In Market-Driven Payment Systems”
via RealClearMarkets The federal government’s distortion of the payment transaction market has raised costs and reduced revenues for banks and credit unions while providing no benefits to consumers. If Congress or the Biden administration further encroaches on this market via legislation or executive action, consumers will continue to see…
ATR Strongly Opposes Durbin Amendment Expansion to Credit Cards
The Durbin amendment is a federal government price control. It is in clear opposition to conservative policy and ideals. Expansion of the Durbin amendment to credit cards will significantly harm consumers, community banks, and credit unions. ATR has produced several publications and documents outlining the harmful effects of the Durbin…
ATR Op-Ed in The Hill: “The Durbin amendment is a disaster for banks — don’t expand it to credit cards”
via The Hill Sen. Dick Durbin’s (D-Ill.) eponymous amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act is the epitome of unnecessary federal overreach. Now, some lawmakers are discussing the expansion of the Durbin amendment to credit cards. The continuation of this bad…
Oppose Extension of Durbin Amendment to Credit Cards
Ask yourself this: should the federal government intervene in negotiations between private parties? If you say no, then you should oppose the Durbin amendment and any extension of it to credit cards. That is exactly what it is, encroachment of the federal government into private business. The Durbin amendment is…
ATR Leads Coalition to Prevent Further Expansion of the Durbin Amendment
Recently, a group of free-market organizations, led by Americans for Tax Reform Presidents Grover Norquist, sent a letter to Senate Banking Committee and House Financial Service Committee leadership opposing further attempts to expand the Durbin Amendment. Retail trade associations have continued to ask for further carve outs and price controls from…