Durbin touts Credit Card Competition bill in Chicago

Illinois Senator Dick Durbin spoke in Chicago about the Credit Card Competition Act and the benefits it can have on consumers Friday.

The bipartisan legislation would enhance competition and choice in the credit card network market, the senator says.

The bill would direct the Federal Reserve to ensure that the largest credit card-issuing banks offer a choice of at least two networks for credit purchases. It also would eliminate some credit card fees, as well.

Senator Durbin says it will save businesses and consumers in the long run.

Right now, the market is dominated by the Visa-Mastercard duopoly.  

Durbin and two other senators sent a letter to Visa and Mastercard about their upcoming plans to increase credit card swipe fees on merchants and consumers this fall.