The next material is sponsored by the , Electronic Payments Coalition.  ,
The core of our economy is made up of small companies, which account for nearly half of the private sector’s turnover in the United States over the past 20 years and account for nearly two-thirds of all new jobs in the country.
Although their effects are indisputable, they continue to present themselves as small business owners, especially as powerful organizational mega-stores have a lot of power and resources, or, as in this case, bad laws.
Through their credit card bill, Senators Dick Durbin ( D- IL ) and Roger Marshall ( R- KS) are proposing to alter the credit card routing system to, as they claim, “boost competition”. In reality, it will ultimately alter our present secure, safe, and hassle- completely system by introducing unknown alternative networks. They assert that using such sites will save money for stores and pass those savings on to consumers.
However, new University of Miami research indicates otherwise. The report found that consumers and small business owners may never benefit from this bill at all, more, they may bear the brunt of the bill’s fallouts, all while Durbin and Marshall’s giant- store allies, like Walmart and Target, may gain millions.
According to the study, America’s top 100 retailers could see a benefit of nearly$ 3 billion, with$ 1.2 billion going to the top five largest retailers alone. Where do companies with profits under$ 500 million fit into, then?
According to the review, mom-and-pop stores would lose both their own advantages and benefits. When they make purchases using their own forms of credit, small business owners are awarded roughly$ 12 billion in credit card rewards.
Credit card rewards plans, which both businesses and consumers rely heavily on, are seriously endangered by this act. Americans who are already struggling may experience yet tighter financial pressure by skyrocketing prices and threatening these heavily reliant on funds back, points, and rewards applications.
This regulation is just another way for business mega-stores to gain while now struggling business owners and consumers are making the payment.
Different industries recognize this costs for what it is – a danger to consumers, our business and our innovative communities. However, when these people attempt to speak out against the legislation, they simply face more threats and harm.
Recently, a study from Airlines for America ( A4A ) found , that the Durbin- Marshall credit bill would significantly harm the travel and tourism industry and the economy at large, with a total expected loss of$ 23 billion. Some Americans travel with credit card rewards and loyalty points because they simply cannot afford to lose these rewards.
Normally, the party expressed its antagonism to the policy. Lawmakers Durbin and Marshall have launched a hostile campaign to question the airline company’s alleged “deceptive techniques in frequent flier and devotion programs.” ( Despite the fact that Sen. Marshall only recently criticized others through the Do n’t Weaponize the IRS Act for the exact same thing. )
The Senators ‘ attempts to sabotage both the federal government’s and their own political power only serve as further evidence of their blatant disregard for the needs of the American people and willingness to take whatever step is necessary to support their business mega-store friends.
Despite the president’s tale, Americans must know the truth – this bill will not help users or small organizations. Only the Senators they have in their hands and the business mega-stores stand to gain. Put a stop to this act once and for all, please.
