Credit Card Competition Act

Last week, Representative Lance Gooden (R-TX) filed the Credit Card Competition Act with a bipartisan group of lawmakers in both chambers of Congress including Senators Durbin (D-IL) and Marshall (R-KS) and Representatives Lofgren (D-CA), Tiffany (R-WI), and Van Drew (R-NJ). A duopoly in the credit card market has left main street businesses with skyrocketing fees that overshadow profit margins and multiply inflation. …