Durbin Calls Out CEOs of Visa, MC, United & American for Refusal to Testify on Credit Card Market

In a speech on the Senate floor today, U.S. Senate Majority Whip Dick Durbin (D-IL), Chair of the Senate Judiciary Committee, called on the CEOs of Visa, Mastercard, United Airlines, and American Airlines to testify at a public hearing regarding competition in the credit card market and Durbin’s Credit Card Competition Act. During his speech, Durbin argued that if the CEOs are willing to discuss the Credit Card Competition Act—legislation that would enhance competition and choice in the credit card network market, which is currently dominated by the Visa-Mastercard duopoly—with Wall Street investors and lawmakers behind closed doors, they should be willing to answer questions before the Senate Judiciary Committee and the American public.