Americans continue to struggle with inflationary pressures every day, whether it’s at the gas pump or in grocery stores. Many credit unions are seeing this affect their members, especially when it comes to spending. While Main Street small businesses and families across the country struggle financially, big box retailers are continuing to hike up prices, ignoring ways to alleviate pressures for consumers.
This begs the question: Why are Senators Dick Durbin, D. Ill., and Roger Marshall, R. Kansas, providing a bailout to greedy retailers in the recently introduced Credit Card Competition Act of 2022? While the name of the legislation sounds good, it’s actually stifling competition at the expense of consumers.