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.
 
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.
 
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