The Los Angeles County Taxpayers Association has joined Americans for Tax Reform and a broad coalition of fiscal and taxpayers’ organizations in opposing the Credit Card Competition Act, a costly congressional plan that would greatly expand the role of the Federal government and jeopardize $60 billion in credit card rewards benefits for consumers nationally.

The plan would mandate the Federal Reserve develop new regulations on credit cards, effectively shifting oversight responsibilities from Congress to unelected officials and would furthermore discourage investments in new technology.

For Californians, the loss of credit card rewards programs would especially hit hard. California has 76.9 million credit card accounts and 71.6% participate in a rewards program. On average Californians receive $452 of value annually from these programs.

“California working families struggle to get by with some of the nation’s highest taxes, costliest housing, and most expensive utility bills,” said Aidan Chao, Chairman of the Los Angeles County Taxpayers Association. “The Credit Card Competition Act would make life even more challenging for many Californians who rely on rewards programs to afford their bills.”

People are invited to learn more about the Los Angeles County Taxpayers Association at https://la-tax.org. 

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