I am seeing ads to contact my representatives and tell them to vote “no” on the Durbin-Marshall credit card bill. The ads appear to be paid for by credit card companies. Anyone know anything about this? I didn’t find an article on Clark.com.
Here you go… the Bill is aimed at the Duopoly that Visa & MC have on the market… like 87% of the cards. Feds want to increase competition.
Here is a summary. But those of us with 2% cash back cards cannot get too excited about this.
One wonders about the motivation and what may be hidden in these 1000 page Bills. Does anyone read it?
I was wondering about this also, I wonder if Clark has looked over and can give us some insight? I understand wanting to increase competition, but I’m sure there are downsides, unintended consequences.