Senate judiciary committee hearing looks at the burden of credit card costs

The Judiciary Committee held a hearing to discuss competition and fees in the credit card system, featuring testimonies from key figures in the industry. Chris Callahan, a bookstore owner, highlighted the burden of credit card fees on small businesses, advocating for the Credit Card Competition Act to address market failures and improve the payment system. The hearing aimed to explore solutions to reduce costs for merchants and consumers.

What is the main focus of the Judiciary Committee hearing?

• Discussing the environmental impact of credit cards

• Introducing new credit card technologies

• Bringing competition and lowering fees in the credit card system

• Reducing credit card interest rates

Who is Chris Callahan?

• The President of America's region for MasterCard

• A professor of law at Notre Dame

• A Senior Advisor to Visa

• A bookstore owner testifying about credit card fees

What significant financial milestone did Chris Callahan achieve recently?

• Launching an online bookstore

• Paying off a commercial mortgage

• Opening a new store

• Receiving a business award

What percentage of each transaction did credit card fees average for Callahan's business in the past?

• 3.8%

• 3.0%

• 2.4%

• 1.5%

How have credit card fees changed for Callahan's business in 2024?

• They were eliminated

• They increased to 3.8%

• They decreased by 10%

• They remained the same

What is one of the main reasons Callahan is advocating for change in credit card fees?

• To increase his store's rent

• To improve employee benefits and community events

• To reduce the number of credit card transactions

• To expand his business internationally

What organization is Callahan associated with in his advocacy efforts?

• Visa Europe

• Merchant Payments Coalition

• American Booksellers Association

• National Association of Convenience Stores