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The Electronic Payments Coalition released a document highlighting the harmful impact government credit card mandates had on European consumers. Following the implementation of those mandates in the EU, Europeans have less access to credit cards; have fewer options – and therefore less competition – in the credit card marketplace; and pay significantly higher fees than Americans do under our current system.

Megaretailers like Walmart, Target, and Home Depot are working to convince their allies in Congress to pass corporate welfare legislation paid for by American consumers. These Main Street job killing corporations want to impose new government mandates on how retailers process credit cards. It means the data and fraud protection you expect; rewards you use to pay for everyday items like gas and groceries; and convenience you have come to expect when using a credit card would all go away. 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. Here are the facts…

Study after study from respected economists, academics, independent think tanks, and nonpartisan government agencies shows these mandates do not lead to lower prices at the checkout. Instead, they disproportionately benefit the largest corporate mega-stores while harming Main Street small businesses, eliminating credit card rewards relied upon by families of all incomes, weakening the security and data protections consumers expect, and reducing economic activity in local communities by limiting access to credit and hurting tourism. See the full one-pager below: