Joe Pags Pagliarulo, host of “The Joe Pags Show,” expressed concerns regarding the Credit Card Competition Act, suggesting it is being used to undermine President Trump’s GENIUS Act. He described the latter as a plan to protect digital money and support innovation. The statement was made on X.
“The Dems are trying to kill the president’s GENIUS Act,” said Pags Pagliarulo, Radio Host. “Their proposal is called the Credit Card Competition Act. This isn’t just about credit cards – it’s about stopping President Trump’s plan to promote secure digital dollars, protect your money, and support innovation.”
According to Congress.gov, the Credit Card Competition Act of 2023, introduced in the Senate as S.1838, aims to enhance competition in the credit card market by requiring larger financial institutions to offer at least two network options for transactions. The bill seeks to reduce merchant costs associated with credit card fees. Proponents argue that increased competition among networks could benefit consumers through lower prices.
The Electronic Payments Coalition said that the Credit Card Competition Act of 2022 failed due to strong opposition from small financial institutions and credit unions, which argued it would reduce revenue used to fund fraud protection and consumer rewards. The coalition noted that the legislation would have led to fewer choices and higher consumer costs, potentially disrupting existing payment infrastructure.
According to the New Hampshire Business Review, the Credit Card Competition Act of 2023 could negatively impact New Hampshire’s small businesses and credit unions by forcing them to adopt costly new payment processing systems. Critics argue that mandated changes could reduce revenue streams used for fraud protection and customer rewards, ultimately increasing costs for consumers. The legislation may also challenge the viability of smaller financial institutions in the state.
Pagliarulo is a nationally syndicated conservative radio talk show host known for “The Joe Pags Show,” which airs on over 100 stations. He began his career in television news before transitioning to talk radio and frequently discusses political, cultural, and economic topics.
