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Senator JD Vance initially supported the Credit Card Competition Act, a bill aimed at reducing the $138 billion in swipe fees charged annually by Visa and Mastercard. These fees, which can be as high as 3-4%, significantly impact American families. However, Vance has recently withdrawn his support for the legislation, which he co-sponsored. This move has been noted by Rep. Andy Barr and other observers. The bill's objective was to address the dominance of Visa and Mastercard in the credit card industry by targeting hidden tax junk fees.
Ever been hit with a high, unnecessary credit card fee? My @USProgressives colleagues and I think these fees aren’t fair – and we’re trying to stop them. Read our letter to @SpeakerJohnson ⬇️ https://t.co/BXK4gsDPfd
Ever been hit with a high, unnecessary credit card fee? My @ProgressiveCaucus colleagues and I think these fees aren’t fair – and we’re trying to stop them. Read our letter to @SpeakerJohnson ⬇️ https://t.co/BXK4gsDPfd
This is good news. The reality is that this legislation would hurt the ordinary family that needs credit cards to make ends meet, and it's to JD Vance's credit (sorry) that he realized that. https://t.co/iSMG4H0kWW