This week’s special interview-only episode of Extra Serving features Sean Kennedy, the executive vice president of public affairs for the National Restaurant Association. Kennedy spoke with senior editor Ron Ruggless about the new Credit Card Competition Act of 2023.
The Act, introduced by U.S. Representatives Zoe Lofgren (D-CA-18) and Lance Gooden (R-TX-05), along with U.S. Senators Dick Durbin (D-IL), Roger Marshall, M.D. (R-KS), Peter Welch (D-VT), and J.D. Vance (R-OH), is meant to increase competition amongst credit card companies to combat “excessive” fees.
The Act is aiming to get rid of the duopoly of Visa/Mastercard in the system to allow for more competition in the market and reduce fees, which are typically between 2% and 3%. According to the Act, in 2022 credit card issuers and their banks charged businesses $93 billion in fees.
For more on this bipartisan bill, listen to the conversation with Kennedy exclusively on Extra Serving.