New Credit Card Idea From Washington Politicians Should Be Shredded Immediately

Several members of Congress are pushing a misnamed bill called the Credit Card Competition Act. The purpose is to engineer lower fees that merchants pay to banks and credit card networks when they accept credit cards, usually 2%-3% of the price of the item purchased. As this segment of What’s Ahead discloses, this is a scheme to transfer billions of dollars from banks to retailers, especially the giant ones.