Visa, Mastercard Shares Slip as Lawmakers Take Aim at Card Fees
June 07 2023 - 11:59AM
Dow Jones News
By Dean Seal
Shares of Visa and Mastercard are trading lower Wednesday
following a report that lawmakers are circling back to proposed
legislation that could bring down credit card fees.
Visa's stock slid 3% to $221.50 and Mastercard's fell 3% to
$368.82 early in the trading session.
The Wall Street Journal reported before the market opened
Wednesday that a bill is expected to be introduced this week that
would give merchants the power in many cases to process Visa and
Mastercard credit cards over different networks.
Giving merchants that right could lower the fees they have to
pay.
A similar bill was introduced last summer but it didn't get
voted on. The new bill will have two additional co-sponsors, Sen.
Peter Welch, a Vermont Democrat, and Sen. J.D. Vance, an Ohio
Republican.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
June 07, 2023 11:44 ET (15:44 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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