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How the Credit Card Competition Act could impact your restaurant’s financesHow the Credit Card Competition Act could impact your restaurant’s finances

Sean Kennedy, executive vice president of public affairs for the National Restaurant Association, explains how this bill will affect restaurants

Holly Petre, Assistant Digital Editor

June 14, 2023

1 Min Read
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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.

 

About the Author

Holly Petre

Assistant Digital Editor

Holly Petre is a digital editor for Nation’s Restaurant News as well as the host of NRN’s podcast, Extra Serving, and producer for Informa Restaurant and Food Group’s other three podcasts, One On One by Food Management, Off the Shelf with SN and In the Kitchen with Bret Thorn. Holly holds a Bachelor of Fine Arts with a concentration in Sculpture, fibers and Material Studies and Ceramics from the School of the Art Institute of Chicago. A native New Yorker, Holly enjoys her place on staff as the resident pop-culture expert and millennial with a sassy attitude and great sense of style.

Holly Petre’s work on Nation’s Restaurant News and Restaurant Hospitality often covers marketing and trends, either aimed-at or examined-through the millennial mindset. Holly is responsible for introducing TikTok and Twitch to NRN and RH readers as well as explaining terms like “Karen” to staff and readers alike. She also spends her time on staff trying not to make every headline a pun.

Holly Petre hasn’t spoken at any events or on panels, but she is readily available with a killer shoe wardrobe and several witty quips.

 

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