As we reported last week during EMA’s DC Conference and “Day on the Hill,” there’s the potential for Senate action on the Credit Card Competition Act this week! Senators Roger Marshall (R-KS) and Richard Durbin (D-IL) have filed an amendment aka the Credit Card Competition Act to the Senate’s stablecoin cryptocurrency bill (the “GENIUS Act”). The amendment would require that credit cards issued by the largest U.S. banks have at least two unaffiliated payment networks - ensuring competition in transaction routing. While the amendment opportunity and process are still unclear, we want to ensure that Senators know where we stand, and that’s why we are urging you to contact your Senators now to explain how credit card fees hit your businesses and encourage adoption of the Marshall-Durbin Amendment. The more pressure we put on Congress for an Up or Down vote on the Marshall – Durbin Amendment, the better off we are for success!
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