Sen. Josh Hawley to Visa & Mastercard: “This is classic monopolistic behavior. Yet you’re testimony…is you don’t want any competition…I’m having a hard time finding that position defensible, let alone sympathetic…it’s unbelievable the amount of money you’re making.”

In a Senate Judiciary Committee hearing today, U.S. Senator Josh Hawley (R-Mo.) questioned executives from Visa and Mastercard on their credit card companies’ record profit margins made at the expense of American card owners and small businesses. Addressing Linda Kirkpatrick, President of Mastercard for the Americas, and Bill Sheedy, Senior Advisor to Visa Inc.’s CEO, Senator Hawley noted the credit card debt crisis that’s crushing Americans: “You’ve got debt like we’ve never seen before in American history.”

“[Visa and Mastercard’s] profit margins are as high or higher than they’ve ever been. You have 80 percent of the relevant market in the credit card interchange fees that we’re talking about, and, yet, you couldn’t survive if there’s any competition?” Senator Hawley prodded. “This is just classic, collusive monopoly behavior.”

Senator Hawley went on to make the case for capping credit card interest rates, a move he has already introduced legislation for. “This has to change,” Senator Hawley insisted. “I thought one of the best proposals that the President-elect, President-elect Trump, made during his last campaign was to cap the interest rates of credit cards.”

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Hawley: Visa & Mastercard profit margin higher than 50%, 80% Market, classic monopolistic