Confronting the suffocating grip of credit card giants on small businesses

As we observe Small Business Week, it is important to reflect on the vital contributions that small businesses make to our national economy and the fabric of our local communities. These establishments are more than just the backbone of the economy; they embody the spirit of entrepreneurship and resilience that defines our nation. Small businesses ignite innovation, create the majority of new jobs, and build up local economies.

Yet, despite their critical importance, America’s entrepreneurs are consistently handicapped by disproportionately high operating costs that threaten their survival and growth. One of the most crippling financial burdens they face comes from an unexpected source: exorbitant credit card swipe fees levied by powerful financial conglomerates.since 2020, further squeezing the already tight margins of small businesses.

But the issue of credit card swipe fees extends beyond the ledger. It is also a matter of economic fairness and justice. These fees often represent theafter labor for many businesses, consuming profits that could otherwise be invested back into the business or used to raise employee wages. In 2022 alone, businesses paid an astonishing— money that unfairly lined the pockets of big banks rather than the local banks and communities that small businesses serve.

Congress faces a pivotal decision as it considers this transformative legislation. It is a decision that pits the interests of Wall Street’s financial giants against the needs of Main Street. We have a unique opportunity to recalibrate the balance and to ensure that small businesses are no longer unduly burdened by predatory financial practices.

Let’s not only celebrate the spirit of our small businesses this week but actively work to secure their future.

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