Should Congress pass the Credit Card Competition Act? (Photo: Wikimedia)
By Pastor Sharmaine Byrd | news@queensledger.com
Make no mistake about it, rising costs are squeezing regular New Yorkers every single day. I hear about it from friends, family, my congregation and see it with my own two eyes daily. But one place we could see real relief is if Congress provides a solution for the fees baked into our credit card system.
Every time a New Yorker pays or donates with a credit card, that transaction incurs a fee for the merchant or organization that is set by Visa and Mastercard who dominate the payments industry. Those swipe fees amount to billions each year. While many businesses are forced to raise prices to cover costs, these fees come directly from the donation my church receives. That means we send a portion of every dollar we receive back to these massive credit card companies.
Passing the Credit Card Competition Act would change this by bringing more competition into the system and helping lower these costs. More competition means a fairer marketplace. But what it really means is more funds to continue giving back to our community and growing our ministry.
Encouraging competition would also drive down fees and lower costs for consumers and small businesses. This shouldn’t be a partisan issue, and that’s why this bill has bipartisan support. New Yorkers should urge Sens. Chuck Schumer and Kirsten Gillibrand to back this commonsense reform. And as Minority Leader, Sen. Schumer is in a unique position to bring members of his caucus together and move this bill forward.
New York’s small businesses, consumers, and our faith community deserve a system that is working for them, not against them. It’s time for Congress to act and pass the CCCA.
Sharmaine Byrd is a pastor at the Greater Mt. Carmel Cathedral and Worship Center in Crown Heights.
