Senator Dick Durbin (D-IL) is advancing a bill that will allow merchants to use any network they want to complete your credit card transaction with them. This bill will have the net effect of allowing merchants to use much-less secure networks, even foreign networks, to complete their transaction, saving them lots of money but putting you at risk of credit card fraud they themselves won’t be held accountable for.
The bill is called the “Credit Card Competition Act, ” and from a far left perspective, where everything corporate is automatically evil (even if, in current year, our “American” corporations ARE mostly evil, but that’s due to them becoming far left hate machines and not simply product and service providers), they might view this as a good thing, because it gets the big guy, the big credit card companies.
But it’s not that simple. The main beneficiaries of this bill will be the big box companies like Walmat. They’re attacking one mega-corporation to favor another mega-corporation at the cost and security of average working class Americans, the ones that will be hurt most by this Orwellian-named bill.
This bill is about the far left rewarding the big corporations that help fund their anti-American, anti-God, genocidal programs that advocate for criminalizing thought and legalizing murder.
From Breitbart:
Big-box stores are pushing for this bill heavily. The likes of Walmart, Target, and Amazon stand to gain hundreds of millions of dollars if they can cut their processing costs by using cheap overseas networks. Unfortunately, they will do this at your expense. Cheaper networks offer little or no credit card rewards and have not invested in 21st century fraud prevention. But big-box stores know they won’t be on the hook if fraud occurs. Your bank or credit union has guaranteed payment to the retailer, and it’s these financial institutions that will be hurt when fraud skyrockets further.
This will especially hurt small credit unions who don’t have the deeper pockets of multinational corporations. Not only will they have to cover the cost of fraudulent purchases, they will also lose revenue as they see the interchange fees they normal get during purchases plummet. Interchange fees are a critical component of America’s current payment infrastructure. By effectively capping them, Congress would put big retailers’ profits before Americans’ financial security. Big-box stores will profit while credit unions and other banks will have a harder time offering low-cost checking, loans to the community, and more.
Bills like this make me think of a bible verse that HEAVILY applies to the methods the far left uses to take and preserve power: “As for the scoundrel, his devices are evil. He plans wicked schemes to ruin the poor with lying words even when the plea of the needy is right.” – Isaiah 32:7
The far left is constantly pretending they represent the working class while most of their policies do far more harm to the very groups they trick into supporting them (through a promise of “revenge” against those who oppressed them and a Utopian future where suffering is finally ended). Senator Dick Durbin of the fallen state of Illinois (now controlled by a billionaire fascist) is the poster boy for that deceit. He is the scoundrel God warned us about through Isaiah.
About Author
Paul Collier
Paul Collier is the editor of The Freedomist newsite, our Weekday Reports, and our Monthly Publication, Freedomist Intelligence Advisor (previously McAlvany Intelligence Advisor). He has been involved in news publishing since 2003.
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