1. United States
2. Ill.
3. Letter

I urge you to reconsider your stance on the Credit Card Competition Act (S.1838/H.R.3881). On the surface this bill seems to act as a way to increase competition by removing a functional duopoly on credit card processing. However, I am highly skeptical that any benefits will ever reach the end consumer and instead the merchants who previously paid higher rates will simply now reap the rewards while the end consumer misses out on mileage programs, cash back, and sign up programs that those processing fees funded. Said cash back programs were already a functional guaranteed discount to end consumers. If this bill passes we'll lose that for only a chance to improve that will hinge on businesses not wanting a fatter profit margin. The CCCA feels like a way of catering to large mega-retailers under the guise of consumer protection. On first pass it sounds like a good idea until you consider the trickle down effects that will likely hit the average person. I would like to see the democratic party tackle monopolistic practices, especially in the banking world, but I fear this is not the method to go about doing it.