Leaders from the conservative movement have expressed their opposition to the Durbin-Marshall Credit Card Bill, following a joint hearing last Thursday by the Consumer Financial Protection Bureau (CFPB) and Department of Transportation on credit card and airline rewards programs. Senators Roger Marshall and Dick Durbin are accused of using the Biden Administration against American companies that oppose their proposed government mandates on credit cards.
A recent study published this month by EPC reports that the proposed government mandates in the Durbin-Marshall Credit Card Bill could severely impact credit card rewards programs. These programs have been a vital support for working-class families during periods of record-high inflation.
The conservative leaders believe that investing in new technologies and legislating national data security standards will result in a stronger payment system. Their responses to last week's CFPB hearing on credit card rewards are presented below.