1. United States
2. Mich.
3. Letter

The United States currently has the highest credit card swipe fees in the world, leading to higher costs for consumers. There is no valid reason for this lack of competition among credit card networks. The Credit Card Competition Act of 2023 would address this issue by prohibiting practices that restrict routing options and requiring at least two unaffiliated payment networks to be available for credit card transactions. This increased competition would drive down excessive fees and deliver better prices to consumers. Given the exploitative nature of the current credit card industry dynamics, prioritizing people over profits through this reform is crucial. I urge your support for this legislation to foster a more equitable financial system.