Senate Impasse Over Credit Card Competition Act

SOURCE www.breitbart.com
Sen. Roger Marshall is reportedly holding up a must-pass spending bill for a vote on his and Sen. Dick Durbin's special interest credit card bill. Marshall is facing opposition from some Senate Republicans over his focus on the Credit Card Competition Act, which aims to inject more competition into payment processing. Critics argue that the bill would compromise payment processing security and kill credit card rewards programs.

Key Points

  • Sen. Marshall hotlined an amendment on the Credit Card Competition Act in the Senate's spending bill
  • Marshall wants a commitment for a hearing on his credit card bill, facing opposition from Senate Republicans
  • Critics argue the bill would severely compromise payment processing security and kill credit card rewards programs

Pros

  • Injects more competition into payment processing
  • Requires banks to work with at least one alternative payment network besides Visa and Mastercard

Cons

  • Critics argue it could compromise payment processing security
  • Opposition from some Senate Republicans
  • Critics believe it would kill credit card rewards programs