Arlington, VA-The American Consumer Institute has joined a coalition of more than two dozen organizations urging members of Congress to oppose price controls on credit cards, including proposals to cap interest rates or advance the Credit Card Competition Act (CCCA).
In the letter to Congress, the coalition warned that interest rate caps and the CCCA would reduce access to credit, fail to address affordability concerns, and disrupt a competitive, well-functioning payments system. Evidence from past price control policies shows they limit credit availability—particularly for low- and moderate-income consumers—while driving higher costs elsewhere.
The coalition also noted that the CCCA’s routing mandate would increase operational risk and complexity in the credit card system without delivering promised savings to consumers.
Read the full letter below.
For media inquiries, please email [email protected]
The American Consumer Institute is a nonprofit education and research organization.