Legislation to give small businesses relief from credit-card swipe fees has sparked fears it will also let big retailers such as Walmart, Target and Amazon muscle into the banking industry.
The debate over the bill comes as a Walmart-backed financial technology company, ONE, is offering 5% interest on savings accounts of up to $100,000 — roughly 12 times the national average.
The bipartisan bill was introduced by unlikely partners — Sens. Richard Durbin, Illinois Democrat; Roger Marshall, Kansas Republican; and J.D. Vance, Ohio Republican, and independent Peter Welch of Vermont. It would direct the Federal Reserve to require credit-card issuing banks to offer a minimum of two networks for merchants processing electronic card transactions.
She said, “This is not the safe, effective, and competitive financial framework consumers have depended on banks to deliver for decades, and it should not be the financial framework policymakers impose on their constituents by supporting this deeply flawed proposal.” “When people and the public understand this, they are going to know it’s the right thing to do,” he said.
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