Texas Congressman Introduces Credit Card "Competition" Bill That's Bad for America's Consumers

Democrats Schumer & Durbin trying to include bill's language in “must-pass” Defense Authorization Act

AUSTIN, Texas (Texas Insider Report) — Sometimes conservatives make mistakes, and that is what Texas Congressman Lance Gooden has done by being the Republican lead on H.R. 8847 – the so-called "Credit Card Competition Act." Teaming up with liberal Vermont Democrat Peter Welch, the Gooden-Welch bill seeks to implement new mandates on credit cards that will allow stores to reduce Security & Fraud Protections on your purchases.

When one uses their credit card at their favorite restaurant or store, right now it is fair to assume the payment will be processed by that person’s bank and credit card company. Big Box stores want to take that away and instead transact the payment however they want – ideally through a cheaper network.

But with that comes a loss of security, as well as any rewards you may have earned.
Currently, more than 160 companies including the Texas Bankers Association, Southwest Airlines, American Airlines, Americans for Tax Reform, Citizens Against Government Waste, U.S. Hispanic Chamber of Commerce, R Street, and the Center for Freedom and Prosperity are all opposed to Congress creating government mandated credit card routing mandates.

Meanwhile, Democrats like U.S. Senators Chuck Schumer (D-NY, above with House Speaker Nancy Pelosi of California,) and Dick Durbin (D-IL) are trying to include language from H.R. 8847 into the “must-pass” National Defense Authorization Act (NDAA) – a measure totally unrelated to American's credit card processing concerns.
Bankers and credit unions sent a letter to both senators opposing such a move because small banks and consumers will be the biggest losers.

Further, credit card security will become weakened, banking costs will go up – and the popular cash back and points programs will disappear.

Rep. Gooden probably has good intentions to break up what he calls the “Visa-MasterCard duopoly,” but he shouldn’t do it at the risk of damaging privacy and security while enriching retailers and removing consumer benefits.

Here are the 160 entities opposing the Gooden-Welch Bill:
  1. Alabama Bankers Association
  2. Alabama Credit Union Association
  3. Alaska Airlines
  4. Alaska Credit Union League
  5. Alaskans for Tax Reform
  6. Alaska Policy Forum
  7. American Airlines
  8. American Association of Credit Union Leagues
  9. American Commitment
  10. American Consumer Institute
  11. Arizona Bankers Association
  12. Arkansas Bankers Association
  13. Arkansas Credit Union Association
  14. Associated Industries of FL
  15. Association of Vermont Credit Unions
  16. Americans for Prosperity
  17. Americans for Tax Reform
  18. Association of Military Banks of America
  19. Bank Policy Institute
  20. Citizens Against Government Waste
  21. California Bankers Association
  22. California Credit Union League
  23. Capital Policy Analytics
  24. Cardinal Institute
  25. Carolinas Credit Union League
  26. Cato
  27. Consumer Bankers Association
  28. Competitive Enterprise Institute
  29. Center for a Free Economy
  30. Center for American Experiment
  31. Center for Freedom and Prosperity
  32. Center for Individual Freedom
  33. Chime
  34. Colorado Bankers Association
  35. Committee for Justice
  36. Connecticut Bankers Association
  37. Consumer Action for a Strong Economy
  38. Consumer Choice Center
  39. Credit Union Association of New Mexico
  40. Credit Union League of Connecticut
  41. CrossState Credit Union Association
  42. Dakota Credit Union Association
  43. Dart-In Convenience Store, Ulysses, KS
  44. Defense Credit Union Council
  45. Delaware Bankers Association
  46. Delaware’s Credit Unions
  47. Delta Airlines
  48. Digital Liberty
  49. Electronic Payments Coalition
  50. Florida Bankers Association
  51. Florida Credit Union Association
  52. Florida Tax Watch
  53. FreedomWorks
  54. Georgia Bankers Association
  55. Georgia Credit Union Association
  56. GoWest Credit Union Association – Colorado
  57. GoWest Credit Union Association – Idaho
  58. GoWest Credit Union Association – Oregon
  59. GoWest Credit Union Association – Washington
  60. GoWest Credit Union Association – Wyoming
  61. GoWest Credit Union Association– Arizona
  62. H&R Block
  63. Hawaiian Airlines
  64. Hawaii Bankers Association
  65. Hawaii Lodging and Tourism Association
  66. Heartland Credit Union Association – Kansas
  67. Heritage Action
  68. Independent Community Bankers of America
  69. Illinois Bankers Association
  70. Illinois Credit Union System
  71. Independent Women’s Voice
  72. Indiana Bankers Association
  73. Indiana Credit Union League
  74. Institute for Liberty
  75. Iowa Bankers Association
  76. Iowa Credit Union League
  77. Iowans for Tax Reform
  78. JetBlue Airlines
  79. Kansas Bankers Association
  80. Kentucky Bankers Association
  81. Kentucky Credit Union League
  82. Less Government
  83. Louisiana Bankers Association
  84. Louisiana Credit Union League
  85. Maine Bankers Association
  86. Maine Credit Union League
  87. Maine Policy Institute
  88. Maryland and DC Credit Union Association
  89. Maryland Bankers Association
  90. Massachusetts Bankers Association
  91. Massachusetts’ Credit Unions
  92. Michigan Bankers Association
  93. Michigan Credit Union League
  94. Minnesota Bankers Association
  95. Minnesota Credit Union Network
  96. Mississippi Bankers Association
  97. Mississippi Center for Public Policy
  98. Mississippi Credit Union Association
  99. Missouri Bankers Association
  100. Missouri Century Foundation
  101. Montana Bankers Association
  102. Montana’s Credit Unions
  103. National Association of Federally-Insured Credit Unions
  104. National Association of Women Business Owners
  105. National Taxpayers Union
  106. National Bankers Association
  107. Nebraska Bankers Association
  108. Nebraska Credit Union League and Affiliates
  109. Nevada Bankers Association
  110. Nevada Credit Union League
  111. New Hampshire Bankers Association
  112. New Hampshire’s Credit Unions
  113. New Jersey Bankers Association
  114. New Mexico Bankers Association
  115. New York Bankers Association
  116. New York Credit Union Association
  117. North Carolina Bankers Association
  118. North Dakota Bankers Association
  119. Ohio Bankers League
  120. Ohio Credit Union League
  121. Oklahoma Bankers Association
  122. Oklahoma Credit Union Association
  123. Oregon Bankers Association
  124. Pennsylvania Bankers Association
  125. PSCU
  126. Puerto Rico Bankers Association
  127. R Street
  128. Rhode Island Bankers Association
  129. Rhode Island’s Credit Unions
  130. Rio Grande Foundation
  131. SFOF
  132. Shareholder Advocacy Forum
  133. Small Business & Entrepreneurship Council
  134. South Carolina Bankers Association
  135. South Dakota Bankers Association
  136. Southwest Airlines
  137. Spielmann’s Amoco, Hopkins, MN
  138. Spotlight Liberty
  139. Taxpayers Protection Alliance
  140. Tennessee Bankers Association
  141. Tennessee Credit Union League
  142. Texas Bankers Association
  143. Texas Credit Union Association
  144. The Heartland Institute
  145. The Points Guy
  146. U.S. Hispanic Chamber of Commerce
  147. United Airlines
  148. United We Succeed
  149. Utah Bankers Association
  150. Utah’s Credit Unions 
  151. A View From The Wing
  152. Vermont Bankers Association 
  153. Virginia Association of Community Banks
  154. Virginia Bankers Association
  155. Virginia Credit Union League
  156. Washington Bankers Association
  157. West Virginia Bankers Association
  158. West Virginia Credit Union League
  159. Wisconsin Bankers Association
  160. Wisconsin Credit Union League

Wyoming Bankers Association