Voters remain angry about higher prices, and politicians have been looking for scapegoats to deflect from their own culpability. To that end, some have accused companies of increasing markups and shrinking portion sizes and President Biden created a joint Department of Justice--FTC taskforce to investigate “unfair and illegal” pricing activity.
Another scapegoat that some Members of Congress have attacked has been the credit card companies for somehow contributing to the increase in inflation. In 2023 Senator Durbin reintroduced the Credit Card Competition Act, which would impose routing mandates on all major credit cards—in effect, a backdoor attempt to impose price controls on the market.
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