The National Federation of Independent Business (NFIB) has voiced concerns over the recent antitrust settlement involving Visa and Mastercard. The organization, which represents small business interests across the United States, said that while some relief is appreciated, the current agreement does not address key issues facing small businesses.
Jeff Brabant, Vice President of Federal Government Relations at NFIB, stated: “While any relief is welcome to small businesses who have been taken advantage of for too long by Visa, Mastercard, and the big banks, this ‘settlement’ – like its previous version – is not good enough. As long as the current anti-competitive rate-setting regime remains in place, small businesses will continue to get gouged on swipe fees. The current system, where Visa and Mastercard set the interchange fee that every small business pays to every bank, amounts to price fixing and must be reformed to allow the free market and real competition to set the interchange rates.”
NFIB continues to push for legislative changes through support of the Credit Card Competition Act. This proposed law would give small business owners more choices when selecting credit card processing networks. According to NFIB data, 92 percent of its members think that owners should have this right.
NFIB has a longstanding history of representing independent business owners nationwide. The organization operates as a nonprofit and nonpartisan group focused solely on advocating for small businesses since its establishment in 1943. More information about their efforts can be found at nfib.com.
