Last year, Senator Dick Durbin (D-IL) introduced legislation that proved deeply unpopular as it was quickly exposed as a government handout to mega-retailers like Walmart and Target. The so-called “Credit Card Competition Act” aimed to lower costs for retailers by allowing stores, rather than customers, to choose the level of payment security used during credit card transactions. This would have come at the expense of consumers, who would be stuck with less secure payments and a loss of rewards.
Thousands of consumers spoke out against the bill, as did the community banks and credit unions, which would have lost critical revenue needed to provide credit and rewards programs. Thankfully, the bill died on the vine as both Democrats and Republicans recognized it as the money grab it was.
