Excessive credit card swipe fees are taking advantage of Indiana’s small businesses. It’s a shame that they have been able to threaten the operation of local Indiana businesses this long without opposition.
That’s why Sens. Mike Braun (R-IN) and Todd Young (R-IN) must prioritize countering Visa-Mastercard’s duopoly by reintroducing and passing the Credit Card Competition Act in the new year. Not only will injecting competition into a dysfunctional credit marketplace produce more reasonable swipe fees, it can also ultimately help temper inflation. The less money merchants have to fork over to big financial institutions, the less they have to rely on consumers to fill their profit gaps with higher-priced goods and services. I think I speak for all Hoosiers when I say that lower prices at grocery stores, gas stations, and restaurants are more than welcome.
In this economy, both businesses and consumers can use all the help they can get. I am hopeful our Indiana senators will prioritize passing the Credit Card Competition Act and provide Main Street the relief it so desperately needs from an overreaching Wall Street.
Brad Klopfenstein
President, Greater Lawrence Chamber of Commerce
brad@greaterlawrencechamber.org
- 541.9876
