Merchants Still Pushing for Credit Card ‘Swipe’ Fee Reform Following Surge of Support During Stablecoin Debate
MPC said members will continue to push for passage of the Credit Card Competition Act following a significant boost in momentum gained during Senate consideration of the GENIUS Act stablecoin bill.
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Merchants Say Endorsement by Unions Shows ‘People Who Work for a Living’ Want Credit Card Swipe Fee Reform
MPC welcomed the endorsement of the Credit Card Competition Act by four of the nation’s largest unions – the International Brotherhood of Teamsters, the Retail, Wholesale, Department Store Union, the Service Employees International Union and the United Food & Commercial Workers International Union.
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Nation’s Largest Native American Tribes Endorse Credit Card Competition Act Saying Credit Card Swipe Fees ‘Literally Keep Food Out of Reach’
MPC welcomed a letter from the nation’s largest Native American tribes asking Congress to make the Credit Card Competition Act part of the GENIUS Act in order to hold down rising costs for tribal members.
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Merchants Welcome Move to Attach Credit Card ‘Swipe’ Fee Bill to Stablecoin Legislation Set for Vote in Senate
MPC welcomed a move toward a Senate vote on the Credit Card Competition Act amid growing support of efforts to reduce “swipe” fees that drive up costs for small businesses and prices for consumers by billions of dollars a year.
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Merchants Call for Consideration, Passage of the GENIUS Act
MPC encouraged prompt Senate floor consideration, debate and bipartisan passage of the Guiding and Establishing National Innovation for U.S. Stablecoins Act, saying time is of the essence to establish a clear and comprehensive regulatory framework for stablecoin payments. Enactment of the GENIUS Act would be part of an important set of reforms to advance competition in domestic payment innovation, MPC said.
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MPC Hill Blast: Native American Businesses Support the Credit Card Competition Act
Native American businesses get unfairly charged huge credit card swipe fees – just like off-reservation businesses. Here are some of their voices.
READ MORE +MPC Hill Blast: Small Businesses Are ‘At a Critical Inflection Point’
A recent survey of small businesses found that while 71% have had increased or at least steady sales, 44% have seen profits fall, 91% have had increased operational expenses, 76% have expenses rising faster than sales, and 73% said “government tends to do more to disadvantage small businesses than it does to help small businesses.”
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The Well News: The Road to Innovation and Prosperity
Op-ed by MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor and PDX Advisors CEO Shane Rodgers says the Credit Card Competition Act, the GENIUS Act and the STABLE Act "would work together to open the current market to competition and lay the regulatory groundwork we need for the new market to take flight."
READ MORE +MPC Hill Blast: Your Favorite Restaurant is in Trouble
The top three restaurant costs are food, labor, and credit card swipe fees. and in the last 4 years food is up 29%, labor 31% and swipe fees 70%.
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Open Banker: Don’t Let the Banking Borgs Fool You
Op-ed by MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor says "resistance isn’t futile" despite banks' opposition to swipe fee reform and urges "Resist away with full confidence that limiting the banks’ abuses on debit, credit, fees and the like won’t harm consumers. Don’t buy the bank lobby nonsense."
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