Congress Re-Introduces Bill to Regulate Credit Card Rewards and Swipe Fees.
Senators Durbin and Marshall have reintroduced a bill to crack down on credit card interchange, which funds credit card rewards and airline miles. However, capping interchange hurts the economy, as card issuers invest less and card annual fees rise. Countries that have capped interchange haven't seen prices fall to consumers, and merchants benefit from taking credit cards as they are less expensive to process than cash. The bill is unlikely to garner majority Republican support in the House and hasn't been a priority for the Biden administration.