Advancing American Freedom issued the following statement opposing the Credit Card Competition Act.
“The Credit Card Competition Act will negatively disrupt the payments network while imposing adverse impacts on consumers and community financial institutions all under the guise of ‘competition.’ Conservatives should not be supporting yet another Republican-led effort that empowers the Federal Reserve, further regulates private sector companies, and harms consumers,” said AAF Executive Director Paul Teller. “AAF calls on Congress to reject this amendment in the upcoming Senate minibus and instead focus on free market priorities that reduce the regulatory burden on the banking system, remove barriers to entry to promote competition, and eliminate the federal intervention of the Biden administration that only punishes American families and businesses.”
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