Show-Me State Times

Ashley Nordman, owner of AN Skin & Beauty, expressed concerns about the potential impact of the Credit Card Competition Act on small businesses. She said that such businesses require supportive legislation rather than policies that could hinder growth and affect their financial resources. Nordman shared her views in a testimony to the Senate Judiciary Committee.

"Small businesses like mine cannot afford policies that will drain our resources," said Nordman. "We need legislation that protects the resources we need to succeed, not policies that will stifle our growth and put our finances at risk."

According to Congress.gov, the Credit Card Competition Act was introduced in 2023 by Senators Richard Durbin (D-IL) and Roger Marshall (R-KS). The bill aims to enhance competition in the credit card market by mandating large banks to provide at least two payment network options for processing transactions, with one being an alternative to Visa or Mastercard. Proponents argue it will reduce merchant fees, while critics warn of potential reductions in security and consumer protections.

A report from the U.S. Travel Association highlighted that 78% of Americans with travel rewards credit cards consider these rewards crucial for affording travel. The organization cautioned that the Credit Card Competition Act might decrease or eliminate rewards programs due to reduced interchange fee revenue for banks, potentially limiting travel opportunities for many Americans who depend on earned rewards.

The Independent Women’s Forum indicated that small businesses in states like Missouri could face increased fraud exposure and higher compliance costs under the Credit Card Competition Act. The requirement to accept less-established networks may result in weaker security protocols and fewer protections against fraudulent transactions, disproportionately affecting smaller enterprises with limited technical infrastructure.

Nordman is an entrepreneur and skin expert based in O’Fallon, Missouri. As the founder of AN Skin & Beauty, she focuses on empowering others through skincare and health education, utilizing her experience as a licensed aesthetician and social media influencer. Her company has developed a dedicated community by merging clinical-grade skincare with educational content.