1. United States
2. Calif.
3. Letter

I am writing to you as a concerned constituent to express my strong support for the Credit Card Competition Act of 2023. I believe this legislation is crucial for fostering a more competitive and consumer-friendly credit card market. The current credit card market is dominated by a duopoly of Visa and Mastercard, which has severely limited competition and innovation. This lack of competition has directly resulted in higher costs for everyday Americans, including: • Higher transaction fees: Merchants are forced to pay exorbitant fees to these companies, which are ultimately passed on to consumers in the form of higher prices on goods and services. • Limited consumer choice: The dominance of Visa and Mastercard restricts consumer choice and limits the ability of smaller, more innovative companies to enter the market. • Reduced innovation: The lack of competitive pressure has stifled innovation in the credit card industry, leaving consumers with limited options and outdated technology. Encouraging competition in all aspects of US industry is essential for a thriving economy. By breaking the stranglehold of Visa and Mastercard, the Credit Card Competition Act of 2023 will: • Lower costs for consumers: Increased competition will drive down transaction fees, leading to lower prices for goods and services. • Promote innovation: New entrants into the market will drive innovation, leading to better products and services for consumers. • Support economic growth: A more competitive market will foster economic growth and create new jobs. I urge you to support the Credit Card Competition Act of 2023 and help restore competition and fairness to the credit card market.