Retailers urge Congress to cut credit card swipe fees, citing inflation concerns, as senators propose a bill to boost competition.

Retailers, led by the National Retail Federation, are pushing for Congress to reduce credit card swipe fees, arguing these fees contribute to inflation. Credit card companies collected about $160 billion in fees in 2022, with Visa and Mastercard dominating the market. A bipartisan group of senators introduced the Credit Card Competition Act to increase competition by requiring large banks to offer at least two networks for processing transactions, potentially lowering costs for businesses.

November 23, 2024
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