The Biggest Bipartisan Inflation Reduction Bill
What is the bipartisan policy before Congress with the greatest inflation reduction potential?
The Credit Card Competition Act
- CMSPI, a world leader in payments consulting, just published a new analysis showing that the Credit Card Competition Act would save $17 billion per year.
- They have found that credit and debit card fees are secretly inflating costs in the U.S. by $236 billion.
- That is equivalent to about $1,800 per American family in extra, inflationary costs.
- The savings by state every year if this passes are stunning (and you can look at every state here):
- Texas: $1.4 billion in savings
- Iowa: $139 million in savings
- Pennsylvania: $229 million in savings
- Florida: $1.2 billion in savings
- Michigan: $475 million in savings
- These inflationary fees are far higher than a competitive market would allow.
- That’s because Visa and Mastercard tell the banks how much to charge in these fees … it’s literally a cartel pricing structure.
- And families don’t even know these hidden fees are inflating the prices they pay.
- The American people deserve the break on inflation that competition could provide.
COMPETITION IS BETTER FOR EVERYONE
IT'S TIME TO PASS THE CREDIT CARD COMPETITION ACT