EPC calls on corporate mega-store CEOs to testify how they pocketed Durbin Amendment savings instead of providing relief to consumers
Date: February 12, 2024
WASHINGTON, DC — Today, EPC Executive Chairman Richard Hunt released the following statement on the Durbin-Marshall hearing in the Senate Committee on the Judiciary:
“The Durbin-Marshall Credit Card Bill is a monumental shift in the safe, secure, hassle-free processing of Americans’ credit cards. There are consequences – both known and unknown – with making this change and a check-the-box hearing is irresponsible. The Congressional Research Service, along with countless other independent studies, have said this legislation could make credit cards less secure, any savings are unlikely to be passed to consumers, increases risks for small businesses, hurts local economies and jeopardizes the rewards programs Americans of all incomes use to fight inflation.
“After failing to deliver a vote, as they promised their supporters last year, Senators Durbin and Marshall are desperate to show some sort of momentum to their political donors while continuing to weaponize the federal government against any business who opposes them.
“When Congress implemented similar mandates on debit cards, consumers didn’t see any savings and mega-stores bragged about the windfall profits. Surely Senator Durbin would demand these corporate mega-store CEOs to testify how they pocketed the savings instead of providing relief to consumers.
“This hearing might allow supporters of the bill to say they had a hearing, but the legislation has not gone through regular order and is no more ready for a vote before the Senate than a Supreme Court nominee would be after an appearance before the Senate Banking Committee.”