{"id":2370054,"date":"2024-11-17T16:46:02","date_gmt":"2024-11-17T21:46:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/op-ed-how-lawmakers-can-cut-costs-for-consumers-small-businesses-by-loosening-visas-financial-grip\/"},"modified":"2024-11-17T16:46:42","modified_gmt":"2024-11-17T21:46:42","slug":"op-ed-how-lawmakers-can-cut-costs-for-consumers-small-businesses-by-loosening-visas-financial-grip","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/op-ed-how-lawmakers-can-cut-costs-for-consumers-small-businesses-by-loosening-visas-financial-grip\/","title":{"rendered":"Op-Ed: How Lawmakers Can Cut Costs for Consumers, Small Businesses by Loosening Visa\u2019s Financial Grip"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fop-ed-how-lawmakers-can-cut-costs-for-consumers-small-businesses-by-loosening-visas-financial-grip%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2370054&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>This text discusses a upcoming Senate \u2062hearing about legislation aimed \u200bat addressing the monopolistic\u2064 practices of credit card companies, primarily\u2063 Visa and Mastercard. It highlights the detrimental effects of their dominance on small businesses and consumers, particularly through rising &#8220;swipe fees&#8221; which burden both groups.<\/p>\n<p>Key points include:<\/p>\n<p>1. **Monopolistic Practices**: Visa has developed strategies to maintain dominance, stifling competition and innovation in\u200d the payments \u2063industry. This has \u200cled to Visa and Mastercard controlling nearly 75% of the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-seeks-to-slash-credit-card-late-fees-to-8\/\" title=\"Biden Admin Seeks to Slash Credit Card Late Fees to \">credit card market<\/a>.<\/p>\n<p>2. **Impact \u2063on Small Businesses**: Small\u200b businesses face increasing swipe\u2062 fees, which are a significant operating expense, often second only to labor costs. In 2023, these fees amounted\u200b to $135 billion, marking a $10 billion increase from the\u200b previous year.<\/p>\n<p>3. **Consumer Burden**: Higher swipe fees also lead to increased prices \u2064for consumers. In the past year, it \u200bis estimated that Americans\u200c paid an additional $1,102 due to rising \u200ccosts associated\u200d with \u200dthese fees.<\/p>\n<p>4. **Legislative Response**: The proposed Credit Card Competition Act \u2064aims to promote competition by requiring large banks to offer a second processing network alongside Visa and Mastercard. This could lead to substantial savings for both businesses and consumers\u2014estimated at around\u200b $16 billion annually.<\/p>\n<p>5. **Call to Action**: The author urges\u2064 lawmakers to pass this legislation during the upcoming Senate\u2063 session, emphasizing the need for competition to foster a fairer marketplace and reduce costs for everyone involved. <\/p>\n<p>the piece makes a strong \u2062case for reform to break the control that Visa and Mastercard have over the credit card \u200dmarket, advocating for policies that support competition and lower fees.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<section> \t\t\t\t<script>console.log(\"ad slot (AC1)\")<\/script><script>console.log(\"ad slot (IC1)\")<\/script><script>console.log(\"ad slot (IC2)\")<\/script><script>console.log(\"ad slot (IC3)\")<\/script><\/p>\n<p><span style=\"font-family: arial, sans-serif;\">The 2024 election cycle is behind us, and lawmakers can get back to getting work done on behalf of the American people.&nbsp;<\/span><\/p>\n<p><span style=\"font-family: arial, sans-serif;\">Given the <a href=\"https:\/\/www.foxnews.com\/politics\/fox-news-voter-analysis-change-election-top-issues-mood-nation-voters-weigh\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?hl=en&amp;q=https:\/\/www.foxnews.com\/politics\/fox-news-voter-analysis-change-election-top-issues-mood-nation-voters-weigh&amp;source=gmail&amp;ust=1731701338333000&amp;usg=AOvVaw3p60RHdzEbLvGSY2tAHJT0\">biggest factors<\/a> of the presidential race were the <a href=\"https:\/\/www.westernjournal.com\/trump-economy-starts-already-dow-futures-absolutely-explode-overnight-trump-secures-presidency\/\" target=\"_blank\" rel=\"noopener\">economy<\/a> and <a href=\"https:\/\/www.westernjournal.com\/walmart-aldi-announce-return-trump-era-prices-special-holiday-promo-inflation-free-thanksgiving\/\" target=\"_blank\" rel=\"noopener\">inflation<\/a>, Congress has a mandate during the lame duck session to address consumer costs. An <a href=\"https:\/\/www.judiciary.senate.gov\/committee-activity\/hearings\/breaking-the-visa-mastercard-duopoly-bringing-competition-and-lower-fees-to-the-credit-card-system\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?hl=en&amp;q=https:\/\/www.judiciary.senate.gov\/committee-activity\/hearings\/breaking-the-visa-mastercard-duopoly-bringing-competition-and-lower-fees-to-the-credit-card-system&amp;source=gmail&amp;ust=1731701338333000&amp;usg=AOvVaw3zhl4JcTJsMklWoVX6Fzvu\">upcoming<\/a> Senate hearing on bipartisan legislation that rehabs the payments arena is a golden opportunity to bring the issue to the forefront and deliver for the American people.&nbsp;<\/span><\/p>\n<p><span style=\"font-family: arial, sans-serif;\">Stronger alternatives in the <a href=\"https:\/\/amzn.to\/3YuVZYV\">credit card industry<\/a> are sorely needed. Visa and other large corporate powerhouses have established a monopoly-like presence in the payments arena, granting the company total control over the fees it charges small businesses.&nbsp;<\/span><\/p>\n<p><span style=\"font-family: arial, sans-serif;\">As <a href=\"https:\/\/www.wsj.com\/finance\/banking\/visa-wanted-a-vast-empire-first-it-had-to-beat-back-its-foes-3b3067f3?mod=Searchresults_pos1&amp;page=1\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?hl=en&amp;q=https:\/\/www.wsj.com\/finance\/banking\/visa-wanted-a-vast-empire-first-it-had-to-beat-back-its-foes-3b3067f3?mod%3DSearchresults_pos1%26page%3D1&amp;source=gmail&amp;ust=1731701338333000&amp;usg=AOvVaw2yMyv3Gpkhs_GqcMvqQ1QU\">reported<\/a> in The Wall Street Journal, as e-commerce exploded in the 2010s and Americans moved away from using cash, Visa designed a series of strategies to prevent financial and tech companies from encroaching on its turf. Practices like aligning incentives with Apple, strong-arming Paypal, and undercutting Chase Bank are some of the many examples.&nbsp;<\/span><\/p>\n<p><span style=\"font-family: arial, sans-serif;\">Not only has Visa&rsquo;s actions hindered innovation, but they&rsquo;ve also enabled the company to capture more and more of the credit and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/visas-pricing-of-token-technology-under-doj-probe-bloomberg-news\/\" title=\"DOJ investigates Visa&#039;s token technology pricing - Bloomberg.\">debit card market<\/a> . In fact, Visa and Mastercard &mdash; the second largest card issuer and Visa&rsquo;s closest competitor &mdash; now account for nearly three-quarters of all credit card purchases.&nbsp;<\/span><\/p>\n<p> <script type=\"text\/javascript\"> \t\t\tif ( getCookie( \"ff_subbed\" ) ) { \t\t\t\tdocument.getElementById(\"stnvideo\").remove() \t\t\t} \t\t<\/script> <\/p>\n<p><span style=\"font-family: arial, sans-serif;\">Because of its dominance in the payments arena, Visa has been able to rake in profits through exorbitant fees with minimal pushback. One prime example is credit card &ldquo;swipe fees.&rdquo;&nbsp;<\/span><\/p>\n<p><span style=\"font-family: arial, sans-serif;\">&ldquo;Swipe fees&rdquo; are a transaction tax that gets levied on <a href=\"https:\/\/www.westernjournal.com\/communist-cuba-recently-legalized-small-businesses-already-dominating-countrys-economy\/\" target=\"_blank\" rel=\"noopener\">small businesses<\/a> each time a customer taps, inserts, or swipes a credit card. While they were initially introduced to offset the cost of processing a transaction, technological advancements in the payments sector have significantly lowered the cost of doing business.<\/span><\/p>\n<p><span style=\"font-family: arial, sans-serif;\">The kicker? Despite these lower costs, &ldquo;swipe fees&rdquo; have continued to rise.<\/span><\/p>\n<p><span style=\"font-family: arial, sans-serif;\">In 2023, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/should-gun-store-sales-get-special-credit-card-tracking-states-split-on-mandating-or-prohibiting-it-washington-examiner\/\" title=\"States divided on requiring or banning special credit card tracking for gun store sales - Washington Examiner\">major credit card networks<\/a> like Visa swiped <a href=\"https:\/\/www.fool.com\/the-ascent\/research\/average-credit-card-processing-fees-costs-america\/\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?hl=en&amp;q=https:\/\/www.fool.com\/the-ascent\/research\/average-credit-card-processing-fees-costs-america\/&amp;source=gmail&amp;ust=1731701338333000&amp;usg=AOvVaw1kHN8YoBiALYVxSWs-f2b5\">$135 billion<\/a> from small businesses. And that&rsquo;s a $10 billion increase compared to the year before. For many small businesses, &ldquo;swipe fees&rdquo; are often the <a href=\"https:\/\/www.jobcreatorsnetwork.com\/press_releases\/small-businesses-demand-free-market-credit-card-reform\/\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?hl=en&amp;q=https:\/\/www.jobcreatorsnetwork.com\/press_releases\/small-businesses-demand-free-market-credit-card-reform\/&amp;source=gmail&amp;ust=1731701338333000&amp;usg=AOvVaw1s2FOQPYT1uRF7GIud3jzi\">second highest<\/a> operating expense behind labor costs.<\/span><\/p>\n<p><span style=\"font-family: arial, sans-serif;\">And it&rsquo;s not just merchants feeling the burn &mdash; American consumers are bearing the brunt, as well. These extra costs often translate to higher prices at checkout. Last year alone, Americans paid an additional <a href=\"https:\/\/www.fool.com\/the-ascent\/research\/average-credit-card-processing-fees-costs-america\/\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?hl=en&amp;q=https:\/\/www.fool.com\/the-ascent\/research\/average-credit-card-processing-fees-costs-america\/&amp;source=gmail&amp;ust=1731701338333000&amp;usg=AOvVaw1kHN8YoBiALYVxSWs-f2b5\">$1,102<\/a> thanks to the growing expenses associated with &ldquo;swipe fees.&rdquo;&nbsp;<\/span><\/p>\n<p><span style=\"font-family: arial, sans-serif;\">Recognizing the burden on both businesses and consumers, the U.S. <a href=\"https:\/\/www.westernjournal.com\/fec-chair-caught-bidens-doj-interfering-2024-election-no-one-can-deny-time\/\" target=\"_blank\" rel=\"noopener\">Department of Justice<\/a> recently <a href=\"https:\/\/www.justice.gov\/opa\/pr\/justice-department-sues-visa-monopolizing-debit-markets#:~:text=Filed%20in%20the%20U.S.%20District,developing%20new%20and%20innovative%20alternatives.\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?hl=en&amp;q=https:\/\/www.justice.gov\/opa\/pr\/justice-department-sues-visa-monopolizing-debit-markets%23:~:text%3DFiled%2520in%2520the%2520U.S.%2520District,developing%2520new%2520and%2520innovative%2520alternatives.&amp;source=gmail&amp;ust=1731701338333000&amp;usg=AOvVaw0KqPL4tHX1WDD2CYX8ouJq\">filed<\/a> an antitrust lawsuit against Visa alleging it illegally monopolized the debit card market. Officials <a href=\"https:\/\/www.wsj.com\/finance\/banking\/visa-wanted-a-vast-empire-first-it-had-to-beat-back-its-foes-3b3067f3?mod=Searchresults_pos1&amp;page=1\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?hl=en&amp;q=https:\/\/www.wsj.com\/finance\/banking\/visa-wanted-a-vast-empire-first-it-had-to-beat-back-its-foes-3b3067f3?mod%3DSearchresults_pos1%26page%3D1&amp;source=gmail&amp;ust=1731701338333000&amp;usg=AOvVaw2yMyv3Gpkhs_GqcMvqQ1QU\">claim<\/a> Visa set the U.S. payments system years behind the rest of the world.&nbsp;<\/span><\/p>\n<p><span style=\"font-family: arial, sans-serif;\">Enter the Credit Card Competition Act. The measure &mdash; which was co-sponsored by a bipartisan coalition of lawmakers including soon-to-be Vice President <a href=\"https:\/\/www.westernjournal.com\/madison-square-garden-crowd-howls-laughter-jd-vance-reads-kamala-harris-quote-word-word\/\" target=\"_blank\" rel=\"noopener\">J.D. Vance<\/a> &mdash; would curb Visa&rsquo;s unchecked power by promoting competition in the credit card industry.&nbsp;<\/span><\/p>\n<p><span style=\"font-family: arial, sans-serif;\">The legislation mandates that large banks with over $100 billion in assets include a second processing network &mdash; in addition to Visa and Mastercard &mdash; on the credit cards they issue to consumers. Doing so would pressure credit card networks to lower their &ldquo;swipe fees&rdquo; to compete for a merchant&rsquo;s business, driving down costs in the process.<\/span><\/p>\n<p><span style=\"font-family: arial, sans-serif;\">If passed, businesses and consumers are expected to save <a href=\"https:\/\/cmspi.com\/credit-card-competition-act-could-result-in-annual-savings-upward-of-16-4-billion\/\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?hl=en&amp;q=https:\/\/cmspi.com\/credit-card-competition-act-could-result-in-annual-savings-upward-of-16-4-billion\/&amp;source=gmail&amp;ust=1731701338333000&amp;usg=AOvVaw2H3qCeHTXVwdMu_btDns8l\">$16 billion<\/a> annually. It&rsquo;s a no-brainer for lawmakers looking to support a fairer marketplace and reduce costs for hard working Americans.&nbsp;<\/span><\/p>\n<p><span style=\"font-family: arial, sans-serif;\">Competition is the cornerstone of a healthy economy. But the unrestrained dominance of power players like Visa silences both businesses and consumers. Federal lawmakers should keep this in mind and pass the Credit Card Competition Act during this year&rsquo;s lame duck session.&nbsp;<\/span><\/p>\n<\/p>\n<p><i><b>The views expressed in this opinion article are those of their author and are not necessarily either d or endorsed by the owners of this website. If you are interested in contributing an Op-Ed to The Western Journal, you can learn about our submission guidelines and process <a href=\"https:\/\/www.westernjournal.com\/submitop-ed\/\">here<\/a>.<\/b><\/i><\/p>\n<div style=\"position: relative;\">\n<div class=\"ff-fancy-header-container\"> \t\t\t \t<\/div>\n<div class=\"entry-submit-correction inner-content\">\n<div class=\"correction-form\">\n<form style=\"display: none;\">\n<div class=\"sc-name-field\"> \t\t\t\t\t\t<label>* Name<\/label> \t\t\t\t\t\t<br \/> \t\t\t\t\t\t<input type=\"text\" name=\"name\" required> \t\t\t\t\t<\/div>\n<div class=\"sc--field\"> \t\t\t\t\t\t<label>* <\/label> \t\t\t\t\t\t<br \/> \t\t\t\t\t\t<input type=\"text\" name=\"\" required> \t\t\t\t\t<\/div>\n<p> \t\t\t\t\t<label>* Message<\/label> \t\t\t\t\t<br \/> \t\t\t\t\t<textarea name=\"message\" required><\/textarea> \t\t\t\t\t \t\t\t\t\t<\/p>\n<div class=\"required-message\" style=\"display: none; padding-bottom: 15px;\">* All fields are required.<\/div>\n<p> \t\t\t\t\t<input type=\"submit\" value=\"Submit\" onclick=\"event.preventDefault(); firefly_sc();\"> \t\t\t\t\t \t\t\t\t\t<\/p>\n<div class=\"firefly-sc-confirm\" style=\"display: none;\">Success!<\/div>\n<\/p><\/form>\n<\/p><\/div>\n<\/p><\/div>\n<p> \t\t<script> \t\t\tfunction firefly_sc() { \t\t\t\tif( typeof window.captchaPublicKey==typeof undefined ){ \t\t\t\t\tconsole.error('window.captchaPublicKey is not defined'); \t\t\t\t} \t\t\t\tgrecaptcha.execute( window.captchaPublicKey, { action: 'submit_correction' } ).then( function( token ) { \t\t\t\t\tvar opts={ \t\t\t\t\t\taction:    'firefly_sc_submit', \t\t\t\t\t\tname:      document.querySelector( '.entry-submit-correction [name=\"name\"]' ).value, \t\t\t\t\t\t:     document.querySelector( '.entry-submit-correction [name=\"\"]' ).value, \t\t\t\t\t\tmessage:   document.querySelector( '.entry-submit-correction [name=\"message\"]' ).value, \t\t\t\t\t\tpost_id:   firefly_post_id, \t\t\t\t\t\tcap_token: token \t\t\t\t\t}  \t\t\t\t\tvar inputs=[ 'name', '', 'message' ];  \t\t\t\t\tfor( var i=0; i <inputs.length; i++ ) if( ! ( opts[inputs[i]]=document.querySelector( '.entry-submit-correction [name=\"' + inputs[i] + '\"]' ).value ) ) { \t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .required-message' ).style.display='block'; \t\t\t\t\t\treturn; \t\t\t\t\t}  \t\t\t\t\tdocument.querySelector( '.entry-submit-correction input[type=\"submit\"]' ).style.display='none'; \t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).src=firefly_loading_gif_url; \t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).style.display='inline-block';  \t\t\t\t\tconsole.log( 'ma subbing' );  \t\t\t\t\tif( firefly_post_id ) opts['post_id']=firefly_post_id;  \t\t\t\t\t\/* Send the data using post with element id name and name2*\/ \t\t\t\t\tvar posting=jQuery.post( firefly_ajax_url, opts );  \t\t\t\t\t\/* Alerts the results *\/ \t\t\t\t\tposting.done( function( response ) { \t\t\t\t\t\tif( response.success ) { \t\t\t\t\t\t\tconsole.log( response.data ); \t\t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).style.display='none'; \t\t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-confirm' ).style.display='block';  \t\t\t\t\t\t\tdataLayer.push( { 'event': 'submit-correction' } ); \t\t\t\t\t\t} \t\t\t\t\t}); \t\t\t\t}); \t\t\t} \t\t<\/script> \t     \t\t\t\t\t\t     \t\t\t\t\t<\/div>\n<p style=\"border: 1px solid #f5f5f5; padding: 16px;\">Advertise with The Western Journal and reach millions of highly engaged readers, while supporting our work. <a href=\"https:\/\/www.westernjournal.com\/advertise-us\/?wj_source=article\">Advertise Today<\/a>.<\/p>\n<p><script>console.log(\"ad slot (BA1)\")<\/script> \t\t<\/p>\n<div class=\"ff-fancy-header-container\"> \t\t\t \t<\/div>\n<style> \t\t\t \t\t\t.insticator-unit.type-commenting{margin: 0 10px 25px 10px}@media screen and (max-width:1060px){#div-insticator-ad-cmt-1, #div-insticator-ad-cmt-2, #div-insticator-ad-cmt-3, #div-insticator-ad-cmt-4{margin: 0 auto 25px auto !important;}}#div-insticator-ad-cmt-1, #div-insticator-ad-cmt-2, #div-insticator-ad-cmt-3, #div-insticator-ad-cmt-4{height: 280px !important; width: 336px !important} \t\t<\/style>\n<div class=\"insticator-unit type-commenting\">\n<div class=\"insticator-ads\"> \t\t\t\t \t\t\t\t \t\t\t\t<script data-cfasync=\"false\" type=\"text\/javascript\"> \t\t\t\t\tif ( ! getCookie( \"ff_subbed\" ) ) { \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-1\"); \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-2\"); \t\t\t\t\t} else { \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-1\").remove() \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-2\").remove() \t\t\t\t\t} \t\t\t\t<\/script> \t\t\t<\/div>\n<div class=\"insticator-ads additional\"> \t\t\t\t \t\t\t\t \t\t\t\t<script data-cfasync=\"false\" type=\"text\/javascript\"> \t\t\t\t\tif ( ! getCookie( \"ff_subbed\" ) ) { \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-3\"); \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-4\"); \t\t\t\t\t} else { \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-3\").remove() \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-4\").remove() \t\t\t\t\t} \t\t\t\t<\/script> \t\t\t<\/div>\n<\/p><\/div>\n<\/section>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 2024 election cycle is over, allowing lawmakers to focus on their responsibilities to the American public. With the economy and inflation being key issues in the presidential race, Congress has a clear directive during this lame duck session to tackle consumer expenses. A forthcoming Senate hearing on bipartisan legislation aimed at reforming the payments sector presents an excellent opportunity to prioritize this issue and benefit Americans<\/p>\n","protected":false},"author":1,"featured_media":2370055,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/11\/Visa-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[45185,15322,9242],"class_list":["post-2370054","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-consumer-protection","tag-op-ed","tag-visa"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/11\/Visa-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2370054","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2370054"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2370054\/revisions"}],"predecessor-version":[{"id":2370058,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2370054\/revisions\/2370058"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2370055"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2370054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2370054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2370054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}