By Sen. Mark Noland
R. Bigfork 

Consumers will be the losers with new regs on credit cards


September 21, 2023

The federal Credit Card Competition Act of 2023 (CCCA) has been touted as a means to reducing the credit card interchange fees businesses pay to process credit card transactions. But as can often be the case, government schemes to intervene in free-market transactions inevitably create distortions, misaligned incentives, and unintended consequences. Unfortunately, the CCCA would create more problems than it purports to solve.

Interchange fees aren’t just arbitrary costs. They cover a plethora of services: fraud protection, transaction facilitation, rewards programs, and more. By reducin...

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