In support of the growing momentum among lawmakers to take action against monopolistic credit card companies and banks, ILSR co-hosted a virtual press event along with allies, including the American Economic Liberties Project, Americans for Financial Reform, and Small Business Rising, urging Congress to pass the Credit Card Competition Act (CCCA) — legislation that will end Visa and Mastercard’s dominance and benefit small businesses and consumers.
The press conference showcased a broad coalition supporting congressional action, including consumer advocates, antimonopoly reformers, and small businesses––aiming to provide an overview of how the legislation will introduce competition in this market and debunk the myths bank lobbyists are spreading about its impacts. A recording of the press event can be found here and below. You can also check out ILSR’s Advocacy and Campaign Manager Lauren Gellatly explain why the CCCA is so important to Small Business Rising members.
Participating Speakers Included:
- Renita Marcellin, Legislative and Advocacy Director at Americans For Financial Reform
- Hamdy Shalabi, 8-store operator from Dallas-Fort Worth TX, representing National Grocers Association
- Cheetie Kumar, Chef of ajja in Raleigh, NC, representing the Independent Restaurant Coalition
- Lisa Dell’Alba, convenience store owner from Bethlehem, PA, representing the Merchant Payments Coalition
- Lauren Gellatly, Institute for Local Self-Reliance and Small Business Rising
- Morgan Harper, Director of Policy and Advocacy at the American Economic Liberties Project
- Doug Kantor, General Counsel, National Association of Convenience Stores
For additional resources on how credit card swipe fees are mobilizing small business and consumer groups to support the anti-monopoly moment:
- In the American Prospect, ILSR’s Co-Executive Director, Stacy Mitchell, explains how increased swipe fees got shopkeepers mobilized, and could further an anti-monopoly revolution.
- ILSR published a fact sheet explaining how credit card monopolies and banks are imposing swipe fees — what is essentially a monopoly tax — to rake in profit at the expense of small business and consumers.
- Letter from 30+ members of the Small Business Rising coalition breaking down the benefits of the CCCA for independent businesses.
- Letter from Americans For Financial Reform, Economic Liberties, ILSR, and other partners, underscoring the benefits to consumers.
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