As Senator Roger Marshall (R-KS) continues to push the Credit Card Competition Act, co-sponsored by Senator Dick Durbin (D-IL), it is incumbent upon Senate Republicans to delve into the latest research conducted and presented by former Trump economic adviser Steve Moore and the Committee to Unleash Prosperity. This research dissects the potential implications of this proposed legislation.
The research findings indicate that this legislation might not bring about the desired price reductions for consumers. Instead of benefiting consumers, approximately 70% of any perceived savings could end up in the coffers of major retailers such as Target and Walmart, who are actively backing this policy through their lobbying efforts.
If consumers are unlikely to reap any financial benefits, are there instead any adverse effects for them? Regrettably, this bill might create significant obstacles for many Americans, particularly those with lower incomes, in accessing credit cards, a mainstay of the US consumer.
This begs the question: Why would a Republican senator endorse a bill that essentially amounts to a substantial government-mandated wealth transfer from American consumers to corporate giants? Do Amazon and Jeff Bezos genuinely require and need this form of assistance?
As committed conservatives and Republicans, Senators Josh Hawley (R-MO) and Eric Schmitt (R-MO) should stand with Missourians. They should prioritize the welfare of consumers over the fat cat corporate behemoths of Amazon, Target, and Walmart and oppose the Credit Card Competition Act.
Former speaker of the Missouri House of Representatives, a talk radio host, and chair of the Missouri Center-Right Coalition.