Should Congress Swipe Left on the Credit Card Competition Act?
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Senators Richard Durbin (D-Ill.) and Roger Marshall (R-Kan.) recently introduced the Credit Card Competition Act, which would effectively enable merchants to route credit card transactions over a network other than the main one affiliated with the card. The sponsors say that this will increase “competition” and reduce costs for merchants, who will pass on the savings to consumers.
But are Durbin and Marshall being overly optimistic? Have they perhaps missed some predictable but unintended consequences that might cause their act to harm rather than help consumers?
We hope you will join our esteemed colleagues Julian Morris and Todd Zywicki for a timely discussion of this proposed legislation.
Todd Zywicki, Professor of Law at George Mason University Antonin Scalia School of Law
Julian Morris, Senior Scholar at International Center for Law and Economics
Kristian Stout, Director of Innovation Policy at International Center for Law and Economics