Consumer alert: Senators trying to cram anti-points and miles legislation into pending bill

Bad news for fans of points and thousands: some American senators are trying to promote the credit card competition law as an “poison pill” in a pending legislation that is in vote in Congress.

Senator Roger Marshall, a Kansas Republican, presented an amendment last week in the name of himself and Senator Dick Durbin, Democrat of Illinois, to add the CCCA to the National Innovation Law of National Innovation in the United States.

Genius law has received bipartisan support, and initially, it seemed to approve the Senate with more than the 60 voting key threshold. The proponents of the legislation claim that it would allow a better regulation of the cryptocurrency market and provide more stability in the currency markets in general.

The leader of the majority of the Senate, John Thune, is allowing amendments to the bill, which opens the possibility that the CCCA adhere to the bill if the senators vote to approve the addition. However, at least one senator has said that he will withdraw his previous support for the genius law if the CCCA ends up connected.

“If I was adopted in Geni Washington reporter.

And several other senators are asking for a vote of the “clean” genius law without amendments.

They include Senator Cynthia Lummis, a republican of Wyoming and Senator Bill Hagerty, a Republican from Tennessee.

Vice President JD Vance is also demanding a “clean” vote Without attached legislation CCCA.

Unfortunately, if Marshall and Durbin are successful and the Senate votes to approve the amendment, the CCCA will be added to the bill. This would force the senators to choose between voting against popular legislation in another way to avoid the approval of the controversial amendment or allow the complete bill to approve and take care of the consequences of the CCCA.

Tell the Congress not to remove the rewards of your credit card: protect your points

“This is a political favor to [the bill’s] The largest campaign donors of supporters, “said Richard Hunt, executive president of the electronic payment coalition.

The electronic payment coalition is a commercial association that represents credit cooperatives, community banks and payment card networks.

“This bill has never gone through a relevant committee, it has never been debated, and this congress was never reintroduced,” said Hunt. “Unlike the sponsors of Genius law, Durbin-Marshall sponsors [the Credit Card Competition Act] I have not done its due diligence. “

TPG strongly opposes the CCCA because we believe it would destroy the friendly benefits with the consumer of credit cards.

A study of International Center for Law and Economics He estimated that the limit of exchange rates for debit transactions reached the annual income of large banks for a sum of $ 6.6 to $ 8 billion. This loss in income contributed directly to the reduction of free current accounts and rewards programs.

The coalition of electronic payments He told TPG that “Durbin-Marshall’s bill allows corporate megapases such as Walmart, Target and Home Depot to choose the cheapest credit card processing option, without considering the safety or benefits of consumer.”

The coalition of electronic payments also indicates:

• This bill could force transactions to unproven networks, weaken fraud protections and increase costs for companies and consumers.
• Threatens credit card rewards, including cash reimbursement benefits that help consumers fight inflation and benefit small businesses.
• Small businesses could face higher and less benefits by accepting card payments.

The investigation shows that this bill could also cause an economic slowdown for the US, with a cost of $ 227 billion in lost economic activity and approximately 156,000 in lost jobs.

A study by the University of Miami found that the CCCA would significantly reduce the income of community banks and credit cooperatives, while reducing access to credit and banking services in smaller markets throughout the country, disproportionately affecting rural and low -income families.

As a company based in part in the principle of the use of credit card rewards programs to help save money on trip, TPG is among the many organizations with a personal interest in this cause.

A diverse and broad set of organizations and industries, including Labor unions, small businesses, financial institutions (as credit cooperatives and community banks) in the 50 states, Policy institutes, commercial associations, Think Tanks and airlinesIt firmly opposes legislation.

How to help protect your points

Although we associate ourselves with the main credit card issuers in TPG, our staff and millions of our readers have seen firsthand how re -exhausting programs can unlock trips that would otherwise be out of reach. By making trips more accessible, we help our readers expand their horizons, open their minds and experience different cultures, all of which would be in danger if the CCCA could happen as an amendment to the genius law.

“This would be disastrous for consumers,” said the founder of TPG, Brian Kelly. “… [They] It would lose rewards, purchase protections and fraud protections, while retailers would join their results. “

In association with the coalition of electronic payments, TPG has launched Protect their points, a defense platform for TPG readers to express opposition to the bill to their local representatives and senators.