Durbin Questions Visa, Inc., Witness During Senate Judiciary Hearing On Enhancing Credit Card Market Competition
WASHINGTON – U.S. Senate Majority Whip Dick Durbin (D-IL), Chair of the Senate Judiciary Committee, today questioned Mr. Bill Sheedy, Senior Advisor to the CEO of Visa, Inc., during a Senate Judiciary Committee hearing entitled “Breaking the Visa-Mastercard Duopoly: Bringing Competition and Lower Fees to the Credit Card System.” The hearing examined the lack of competition in the credit card market and its impact on interchange fees, as well as legislative solutions like Chair Durbin’s Credit Card Competition Act to help protect consumers. Durbin first highlighted the skyrocketing cost of interchange fees in the U.S. verse the European Union (EU). In the EU, credit card interchange fees are capped at 0.3 percent of the payment value for most transactions, and in Australia they are capped at 0.8 percent. Despite these lower interchange fees, Visa and Mastercard both continue to operate secure and efficient credit card networks in both Australia and
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