Why Walmart and Target Want the Fed to Control Your Credit Cards 💳
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Walmart, Target, and Amazon are lobbying for the “Credit Card Competition Act” which would give the federal government greater power over the credit card payments system.
If passed, the bill would allow retailers to ignore a customer’s preferred credit card network and instead process the payment on a cheaper, less secure network.
The bill would allow retailers to pocket millions by paying a lower interchange fee, and would reduce payment security and credit card rewards programs.
The bill sets a dangerous precedent for the Fed to be able to control markets in favor of one industry over another.
