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Sen. Josh Hawley Presses Visa and Mastercard on Profit Margins
Visa and Mastercard executives revealed a revenue margin of over 50%.
Sen. Josh Hawley (R-MO) grilled representatives from the bank card corporations for not negotiating decrease interchange charges for small companies as they do with massive companies.
'That is traditional, traditional monopolistic conduct,’ he mentioned on the bipartisan Senate Judiciary Committee listening to on a invoice that will decrease the price of interchange charges and create extra networks to deal with bank card transactions.
Committee Chair Dick Durbin (D-IL) mentioned of the listening to, ‘That is an odd grouping. Essentially the most conservative and essentially the most liberal members occur to agree that we now have to do one thing about this case.’
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At the moment, the US Division of Justice introduced a lawsuit alleging that Visa is a monopolist. They declare that the corporate has been concerned in anti-competitive techniques to regulate the debit transactions market. Following the information, Visa inventory fell 5.49%. This lawsuit comes after Nancy Pelosi bought $1 million of Visa inventory only a few months in the past. Humorous how that continues to occur.
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