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Credit Card Competition Act

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The Credit Card Competition Act is set to end Visa and Mastercard’s longstanding monopoly over how transactions on credit cards issued under their brands are routed for processing. Credit Card swipe fees in the US are the highest in the industrialized world.

The Credit Card Competition Act was introduced to Congress in July, and its bipartisan sponsors (Senators Richard Durbin, D-Ill., and Roger Marshall, R-Kan., and Representatives Peter Welch, D-Vt., and Lance Gooden, R-Texas) are hoping for action in 2023. Over 1,802 merchants and 236 merchant trade associations have shown their support for the legislation through letters submitted to lawmakers by the Merchant Payment Coalition.

Joining us this morning to help us understand this is MPC Executive Committee member and National Association for Convenience Stores General Counsel Doug Kantor

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Roger is a retired partner in the international law firm of Latham & Watkins. He is the co-founder and Chairman of Buildable Hours, a non-profit group that organizes law firms to build homes with Habitat for Humanity in several cities around the country. He and his wife Rana Tahtinen enjoy skiing and many of the other recreational activities offered by Park City. He is passionate about KPCW and its important role in our community.