Bad news for numerals and fans of Miles: Some American Senator Credit Card Competition is trying to pursue the Credit Card Competition Act as a “poison pill”, which is a revision in the pending law which is for a vote in the Congress.
Sen Roger Marshal, a Republican of Canasus, filed an amendment from a Democrat of himself and a Democrat of Sen Dick Darbin, Illinois last week, connecting the CCCA into guiding and establishing a national innovation to the US Stabelin Act.
The Genius Act has gained bilateral support, and initially, it was likely to pass the Senate more than the major range of 60 votes. Supporters of the law claim that it will allow for better regulation of the cryptocurrency market and will provide more stability in digital currency markets.
Prominent Senate leaders are allowing amendments to John Thune Bill, which opens the possibility of CCCA being connected to the bill if the senators vote in addition to approve. However, at least one senator has said that he will withdraw his previous support for the Genius Act if CCCA is attaching.
“If it was to be adopted in Genius, I will withdraw my support on the Senate floor.” Washington Reporter,
And many other senators are calling for the “Clean” Talent Act vote without modification.
They include Senator Synthia Lummis, a Republican of Vyoming and a Republican of Tenasy, Senator Bill Higaret.
Vice President is also JD Vance Demand for “clean” vote Law attached without CCCA.
Unfortunately, if marshals and Durbins are successful and vote to approve the amendment in the Senate, CCCA will be added to the bill. This would force the senators to be selected between the popular law to avoid the passage of the controversial amendment or allow the full bill to deal with and deal with the results of the CCCA.
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Ask Congress not to remove its credit card awards: Protect your points
Richard Hunt, Executive Chairman of Electronic Payments Alliance, said, “This (of Bill) is a political aspect for donors of supporters.”
Electronic Payments Alliance is a trade association that represents credit unions, community banks and payment card networks.
Hunt said, “The bill has never been through a relevant committee, never debated, and this Congress was never re -presented.” “Unlike the sponsors of the Genius Act, the sponsors of the Durbin-Marshal (Credit Card Competition Act) have not worked properly.”
TPG is strongly opposing CCCA because we believe it will destroy the consumer-friendly benefits of the credit card.
What is the Credit Card Competition Act?
The CCCA controls the price control over interchange fees and can virtually eliminate attractive sign-up bonuses and points for many banks, airlines and hotel credit cards.
When a similar law was passed on the debit card in 2010, consumers were promised low prices on goods and services as consumers would be passed as low prices as low debit card transactions. It did not happen. Instead, points-Kamai and sign-up bonuses on those cards disappeared, and prices increased.
A study by Centers of international law and economics It was estimated that on the interchange fee for debit transactions, the CAP brought the annual revenue of big banks to the tune of $ 6.6 to $ 8 billion. This disadvantage in revenue directly contributed to the reduction in free checking accounts and prize programs.
Electronics payment alliance TPG told that “the Durbin-Marshal Bill allows corporate mega-stores such as Walmart, Target and Home Depot to choose the cheapest credit card processing options-without considering safety or benefits.”
Electronic payment alliance also states:
- This bill can force transactions on unproven networks, weaken fraud security and increase costs for businesses and consumers.
- This credits threatens awards, including cash back benefits that help consumers fight inflation and benefit small businesses.
- Small businesses may face high cost and low benefits by accepting card payments.
Research suggests that this bill can cause economic recession for the US, which costs $ 227 billion in lost economic activity and about 156,000 in lost jobs.
A study by Miami University found that CCCA would significantly reduce revenue for community banks and credit unions, while reduced access to credit and banking services in small markets across the country, which will affect rural and low-come families.
A company as a company established partially on the principle of using credit card rewards programs to help save money on travel, TPG is one of the many organizations with vested interests for this reason.
A diverse and broad set of organizations and industries, including Labor association, Small business owner, Financial institutions (Such as credit unions and community banks) in all 50 states, Institute of policy, Trade union, I think And AirlinesThey strongly oppose the law.
How to help protect your points
While we partner with major credit card issuers in TPG, our staff members and our millions of readers have seen for the first time how the awards can unlock the journey that will be out of reach otherwise. By making the journey more accessible, we help our readers to broaden their horizons, open their minds and experience various cultures – all of which will be put in danger if the CCCA was allowed to pass as a revision in the Genius Act.
TPG founder Brian Kelly said, “It will be disastrous for consumers.” “… (they) will lose by awards, buy security and fraud security, while retail sellers will add to their lower line.”
In partnership with electronic payments alliance, TPG has launched Protect your pointsA advocacy forum for TPG readers to protest the bill for their local representatives and senators.
Click on this link To submit a quick form. Please take 30 seconds today to tell your senator to tell your senator to vote against CCCA amendment in the Genius Act.
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