WASHINGTON, DC — Electronic Payments Coalition Executive Chairman Richard Hunt issued the following statement after Senator Roger Marshall (R-KS) filed the flawed Durbin-Marshall Credit Card Mandates as a “poison pill” amendment to the GENIUS Act:
“Our nation’s payment system is one of the most competitive in the world, with new payment methods coming online each year. From cash, credit card, debit card, check, ACH, BNPL, P2P and even crypto, Americans have a myriad of ways to pay for goods and services. The fact they prefer to use and small businesses depend on credit cards is not due to a lack of competition, it is because credit cards offer the most secure, convenient, and efficient way to make and accept payments.
“Trade groups backed by corporate mega-stores say they support crypto legislation, yet have been working behind the scenes to see the Durbin-Marshall mandates hung like an albatross around the bill’s neck. These mandates are clearly a legislative poison pill and, if adopted, will sink the bipartisan GENIUS Act.
“This is a political favor to its supporters’ largest campaign donors. This bill has never been through a relevant committee, never been debated, and was never even reintroduced this Congress. Unlike the sponsors of the GENIUS Act, the sponsors of Durbin-Marshall have not done their due diligence.
“These government mandates take away consumer choice, trigger nearly a quarter trillion blow to our economy, put Main Street businesses at a competitive disadvantage, drive up costs for community banks and credit unions, and eliminate the reward programs hardworking Americans use to offset the cost of everyday essentials like gas and groceries.
“Moreover, similar mandates were implemented, with disastrous results in the EU, which led to higher fees for consumers and tighter restrictions on bank services.
“This is exactly why the Durbin-Marshall Credit Card Bill is strongly opposed by a diverse and wide-ranging set of organizations and industries, including labor unions, small business owners, financial institutions, including credit unions and community banks, policy institutes, trade associations, think tanks, and airlines.”
NOTE: House Financial Services Committee Chairman French Hill (R-Ark.) has said publicly the Durbin-Marshall Credit Card Bill will not move in the House and members are opposed to legislation, which has never had a hearing or amendments, being added to a larger piece of legislation. More information about the flaws in the Durbin-Marshall bill is available HERE.