TOTM
The Credit Card Anti-Competition Act
Truth on the Market
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In 2022, and then again in 2023, Sens. Richard Durbin (D-Ill.) and Roger Marshall (R-Kan.) introduced legislation that would have required U.S. issuers of most Visa- and Mastercard-branded credit cards to include a second network on their cards, and to allow merchants to route transactions on a network other than the primary network branded on the card. A recent study by Oxford Economics, however, cautions that such legislation could do immense harm to the American economy.