Today Representatives Peter Welch (D-VT) and Lance Gooden (R-TX) introduced the House companion to the bipartisan Credit Card Competition Act of 2022, introduced in July by Senators Dick Durbin (D-IL) and Roger Marshall, M.D. (R-KS). The Retail Industry Leaders Association (RILA) Executive Vice President, Government Affairs Austen Jensen issued the following statement in response.
“Congressmen Welch and Gooden have identified the key reason why this legislation in necessary—the credit card payments market is fundamentally broken, controlled by the largest Wall Street banks and credit card companies and designed not to provide better service, but to squeeze every retailer, restaurant, and merchant in America with high fees. This legislation will bring much-needed competition to the market, benefiting every card-accepting merchant and their customers."
“We thank Representatives Welch and Gooden for their bipartisan work on this issue and commitment to bringing much-needed competition to the payments space."
RILA is the US trade association for leading retailers. We convene decision-makers, advocate for the industry, and promote operational excellence and innovation. Our aim is to elevate a dynamic industry by transforming the environment in which retailers operate.
RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs, and more than 100,000 stores, manufacturing facilities, and distribution centers domestically and abroad.