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Tweet - "Here's one example of the importance of competition policy: Last year, American businesses paid $77 billion in fees for credit card transactions under the Visa-Mastercard duopoly. Those fees are passed along to consumers in the form of higher prices, and contribute to inflation."

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Date: Sept. 20, 2022
Issues: Business and Consumers

"Here's one example of the importance of competition policy: Last year, American businesses paid $77 billion in fees for credit card transactions under the Visa-Mastercard duopoly. Those fees are passed along to consumers in the form of higher prices, and contribute to inflation.

"That's why Senator Marshall and I recently introduced the bipartisan Credit Card Competition Act to direct the Federal Reserve to ensure that giant credit card-issuing banks offer a choice of at least two credit card networks, one of which must be other than Visa or Mastercard.

"But from pharmaceuticals to digital markets, it's not just the credit card market that is broken. While we are working to address these competition concerns, more needs to be done, and I thank Senators Klobuchar and Lee for holding this hearing."

@SenatorDurbin


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