The Republican Liberty Caucus Lake-Sumter has publicly opposed the Credit Card Competition Act (CCCA), describing it as an example of "classic Washington overreach." The organization argues that genuine competition arises from entrepreneurs rather than federal mandates.
According to David Grogan of the American Booksellers Association, merchants incurred $148 billion in swipe fees last year. These fees are applicable even to sales tax and tips, which Grogan notes can equate to significant operational costs for small businesses. He emphasizes that Congress should mandate banks to support additional networks beyond Visa and Mastercard to increase choice and alleviate fee burdens on Main Street.
The CCCA, also known as the Marshall-Durbin amendment, aims to require banks with assets of at least $100 billion to enable credit cards over at least one unaffiliated network such as Star, NYCE, or Shazam in addition to Visa and Mastercard. Proponents like the Merchants Payments Coalition estimate potential savings of more than $16 billion annually for merchants and consumers through improved fees, transparency, and service.
Critics argue that the act disproportionately benefits large retailers while disadvantaging small banks and credit unions. Recent analysis by the American Bankers Association (ABA) and other banking associations warns that government-mandated routing could increase fraud risk, reduce choice, and raise costs for consumers. They caution that the bill could jeopardize "payment system convenience, security, rewards," and potentially impact the U.S. economy negatively.
The Republican Liberty Caucus Lake-Sumter is a county chapter of the national Republican Liberty Caucus. Founded in 1991, this political action organization advocates for limited government, individual liberty, and free-market economics within the Republican Party.