The Credit Card Competition Act failed thanks to public pressure, but senators are already plotting to bury the scheme in the next defense bill.
Sens. Dick Durbin (D-Ill.) and Roger Marshall (R-Kan.) just failed — again — in their bid to ram through the Credit Card Competition Act, a sweeping regulatory proposal that would overhaul the U.S. credit card system to resemble Europe’s heavy-handed financial regime. Their latest attempt to sneak the measure into a stablecoin bill collapsed under scrutiny, marking yet another setback for legislation that critics say would harm consumers, weaken data security, and empower retail giants.
This outcome is welcome but unsurprising. The bill is wildly unpopular with consumers — for good reason. As written, it’s a thinly veiled giveaway to big-box retailers at the expense of virtually everyone else. Its sponsors claim it would inject competition into a noncompetitive market.
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