TALLAHASSEE, FLORIDA — On Tuesday, the James Madison Institute sent a letter asking Florida’s congressional delegation to vote against unnecessary federal government regulation of credit cards.
The Credit Card Competition Act, introduced by U.S. Senator Dick Durbin (D-IL), would be an “unnecessary intrusion into a well-functioning marketplace,” according to Lindsay B. Killen, the institute’s Vice President for National Strategy.
In addition, the think tank says the legislation would undermine individual personal financial security because it requires the use of alternative payment networks, including China UnionPay – a CCP state-owned financial services corporation headquartered in Shanghai.
Although Durbin says the bill would stop unfair practices by credit card behemoths Mastercard and Visa, Killen says the plan would open a back door for “bad actors” to steal consumers’ financial information.
“While claiming that it somehow will save consumers money, it in fact will restrict competition and choice,” Killen wrote. “The legislation would eliminate more than $68 billion in cash back and rewards programs that consumers currently rely on to pay for air travel, hotels, and hundreds of other purchases.”
Florida’s Credit Union Association and the Associated Industries of Florida have also asked Florida’s members of Congress to vote against the bill.
