Radical Dem Credit Card Bill Threatens Consumer Privacy
The radical Democrats are once again showing their true colors by pushing for dangerous legislation that would undermine the privacy protections of hardworking American consumers. Under the guise of promoting competition, these socialist lawmakers are threatening to hand over our personal information to any Tom, Dick, or Harry who wants it.
The Credit Card Competition Act (CCCA) is a prime example of the left's complete disregard for the safety and security of everyday Americans. If passed, this bill would require payment card networks to expose their proprietary technology to competitors, effectively putting consumers' sensitive information at risk of theft and fraud.
The Federal Trade Commission (FTC) has already issued a consent order that would force payment card networks to give up their tokenization technology to competitors, allowing them to access consumers' primary account numbers. This outrageous overreach is based on a provision of the Dodd-Frank Act that authorizes the Federal Reserve to regulate debit card transactions.
But the CCCA goes even further, mandating that payment card networks expose their proprietary cybersecurity and tokenization technology for credit card transactions to their competitors. This would disincentivize investment in future technologies and jeopardize the security of consumers' card numbers.
And let's be clear: the CCCA is not about protecting consumers. It's about eroding the free market and undermining the innovations that have made America the envy of the world. The left's special interest groups may claim that the CCCA preserves consumer security, but in reality, it will only serve to weaken our cybersecurity protections and make credit cards more expensive for hardworking Americans.
Not only that, but the CCCA could also limit the supply of credit cards equipped with EMV chips, a technology that has been proven to mitigate counterfeit card fraud. This shortage has made it hard for credit unions and regional banks to distribute new cards to customers, putting everyday Americans at risk of fraud and theft.
It's time for Congress to stop the left's dangerous agenda in its tracks. We need to crack down on state-owned networks and promote deregulation to incentivize investment in fraud protection. The CCCA is nothing more than a self-serving ploy by the radical Democrats to expand their power and enrich their cronies. It's time to say no to this dangerous legislation and protect the privacy and security of American consumers.