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It’s a common story in small towns across America. Small businesses once thrived on Main Street, but huge corporate megastores have flooded into town, undermining small businesses. Now, small and medium-sized enterprises are faced with new threats such as: Durbin Marshall’s credit card bill.
This bill seeks to change the credit card routing system as we know it in the name of “creating competition” and providing economic benefits to small businesses, local banks, and consumers. However, the facts reveal just the opposite.
The mega-store alliance of Sen. Dick Durbin (D-IL) and Sen. Roger Marshall (R-KS) will reap billions of dollars, but recent discoveries University of Miami professors paint an even bleaker picture for mother-and-baby retailers. The top 100 major retailers are expected to earn nearly $3 billion in profits, while the top five retailers alone – Walmart, Amazon, Costco, Kroger and Home Depot – will pay out $1.2 billion, compared to those with less than $500 million in revenue. Companies will make little or no profit. Any benefit.
The report found that despite the promise of benefits, small businesses could lose out on their own benefits because they receive about $12 billion in benefits from credit cards if they make purchases on credit themselves. It was also revealed that he has a high level of sexuality. This bill puts essential credit card rewards programs at risk for both businesses and consumers. Increasing costs threaten the viability of heavily relied upon programs such as cash back, airline points, and credit card perks, placing an even harsher financial burden on already struggling Americans. You will feel it.
Many industries and organizations now view this bill as harmful to consumers, the economy, and our communities. These people are trying to speak out against this law, only to face further threats and harm.
Recent Learnings from Airlines for America (A4A) opposed the Durbin-Marshall bill, citing the significant harm it would cause to the travel and tourism industry and the overall U.S. economy. Travel benefits such as credit card benefits and loyalty points programs will be affected, leaving many Americans unable to afford additional travel. Without these benefits, the travel and tourism industry would take a huge hit as well, $23 billion to be exact.
The airline industry has voiced its opposition to the Durbin-Marshall bill, recognizing the negative impact it will have on its citizens, the travel and tourism industry, and our overall economy.
In response, Senators Durbin and Marshall launched a retaliatory campaign, pressuring the Department of Transportation and the Consumer Financial Protection Bureau (CFPB) to oversee the airline industry’s frequent flyer and loyalty programs. Ironically, Sen. Marshall chose to do so just a few years after publicly expressing his support. Don’t weaponize IRS laws.
No amount of threats from Durbin and Marshall will change the fact. This bill does nothing to increase financial competition, help American consumers, or help small businesses; it only serves to further line the pockets of greedy corporate megastores. It’s time to end this bill once and for all.
