Economic development has always been near and dear to my heart. Helping our economy grow strong is one of the reasons I ran for the West Virginia House of Delegates, and it is something that I take very seriously.

Sometimes expanding our economy means that I must support state bills and sometimes it means that I must oppose others that I think will hurt expansion and growth. And sometimes it means that I must either support or oppose federal legislation.

CUNA Deputy Chief Advocacy Officer Jason Stverak appeared on the Live Richer podcast recently to discuss the many negative effects that come with the Credit Card Competition Act. CUNA, Leagues, and credit unions prevented the from moving forward in the previous Congress, despite efforts to include it in must-pass end-of-year legislation.

The absolute last place you want to see someone practicing sleight of hand is when they have your credit card.

Alas that’s exactly what a bipartisan group wants to do with millions of Americans’ credit card benefits, hoping to distract us with some nice-sounding words about reform and affordability, all so they can service mega-retailers.

That is why I am concerned about proposed legislation in Congress called the Credit Card Competition Act (CCCA) – a bill which despite its name would disproportionately benefit larger retailers while jeopardizing the many benefits small businesses owners enjoy from their use and acceptance of credit cards.

President Reagan famously said that the most terrifying words in the English language are, “I’m from the government and I’m here to help.” Likewise, when Congress threatens to “inject more competition in an industry,” skepticism should be our first response.

With the holiday shopping season upon us, it’s important to recognize the locally owned, small businesses that are the backbone of our economy. My cycling studio, Harlem Cycle, thrives on the energy and enthusiasm of our diverse clientele in the heart of Harlem. As a business rooted in the community, we cherish the trust our clients have for us and we take pride in representing everything that makes Harlem unique.

The phrase “revolving credit line” usually conjures up images of balding bankers, meticulously reviewing detailed loan applications, while bright-eyed prospective borrowers wait on the edge of their seats. Today,
revolving credit lines for consumers take the form of colorful plastic cards that fit neatly in your wallet, and provide access to rewards, concert tickets, and much more. These colorful plastic cards—credit cards — are merely the end of an intricate network that combines consumer loans, account reconciliation, purchase protection, and security that is available to you, worldwide, on a 24-7 basis.

Survey commissioned by Electronic Payments Coalition and conducted by Morning Consult shows more than 4 in 5 Americans with credit cards have rewards programs, including 75% of households with incomes less than $50,000.

Small businesses claim they have legitimate concerns that their larger counterparts will be the beneficiaries of lower card acceptance costs should the Credit Card Competition Act become law, argues the Small Business Payments Alliance, a trade organization recently formed by the Electronic Payments Coalition.

I’m the co-owner of Happy Howie’s, a manufacturer of dog treats in Detroit that has been in operation for 12 years. I assure you that running a small business is not easy and rather than helping, the Act will hurt small businesses by taking away credit card rewards, something most owners rely on.