Every time you use your credit card, if it's for a transaction, for a meal at a restaurant, for a contribution to a charity, the swipe fee is being taken out of it. 5% or more. My bill would require the largest 30 or so banks to enable at least two credit card networks to be used on credit cards. They issue with at least one being outside the Visa MasterCard duopoly. That would create real competition. The banking industry hates the Marshall Durbin Welcher amendment like the devil hates holy water. (10:51–11:01)
CLAIM
Asserts that the bill mandates large banks to allow at least two credit card networks on issued cards.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
