Electronic Payment Coalition Executive Chairman Richard Hunt has voiced concerns over proposed legislation from Senators Bernie Sanders and Josh Hawley. The legislation aims to impose government price controls on credit card interest rates, a move Hunt criticizes for potentially negative impacts on consumers.
Hunt stated, "Groundhog Day might be over but it looks like politicians are happily reliving their same failed policies. When will they learn every time the government gets involved in the practices of private businesses, consumers end up paying the price." He referenced past actions by the Consumer Financial Protection Bureau (CFPB) that led Americans to rely more on payday lenders or pawn shops due to new mandates on short-term bank lending.
The chairman argued that such "arbitrary government mandates" could harm vulnerable populations. He emphasized that these controls force businesses to make decisions based on political interests rather than economic rationale. Hunt questioned the senators' approach by suggesting sarcastically, "If Senators Sanders and Hawley truly believe the government knows best, perhaps they should also propose price caps on Vermont’s Ben & Jerry’s and St. Louis style ribs."
Hunt concluded with a call for investment in technology and national data security standards as a means to strengthen the payment system.