I would like to hear Fools’ takes on the recent Credit Card Competition Act proposal.
I had to look this one up because I hadn’t heard of it amid the media attention to the Inflation Reduction Act.
You might want to post your question on the Consume Credit/Consumer Debt discussion board:
https://discussion.fool.com/credit-cards-and-consumer-debt-10014…
You might also want to post on the Visa, Mastercard and Amex boards.
The act, which though bipartisan will still have a tough road in today’s political climate, would direct the Federal Reserve to ensure that giant credit card-issuing banks offer a choice of at least two networks over which an electronic credit transaction may be processed. Naturally, the banks are pushing back at any regulation:
https://www.bankrate.com/finance/credit-cards/credit-card-co…
Fuskie
Who has not explored this in any detail but on the surface, while well intentioned, there could be some unintended consequences…
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