Here in Aliquippa and communities across Western Pennsylvania, we’re seeing how the hard work and determination of ordinary citizens contributes to the strength and resolve of our commonwealth. Bouncing back in the aftermath of a global pandemic has not been easy, but our neighbors are getting back to work, taking chances on opening or reopening small businesses and doing what they can to provide for their families.

But a new bill in Congress that takes aim at the credit card market threatens to make all this more difficult for average Pennsylvanians, and particularly our neighbors in Black and brown communities.

The African American community is often disproportionately impacted by the barriers that everyday Americans see to credit and capital access. Being able to obtain and grow credit makes recoveries like the ones we have seen possible, but if consumers cannot access credit, they are left behind.

That’s why I oppose the Credit Card Competition Act of 2023 (CCCA), a bill in the U.S. Senate that would have deep ripple effects in Black and brown communities at a critical time when we are trying to foster business growth and give average citizens a leg up.

Having access to credit is tremendously important in today’s economy, and particularly in diverse communities that have long faced barriers to equal access for banking and credit services. Credit cards allow us to build a credit history so we can compete for the best interest rates for mortgages or auto loans. While we might not often think about it, responsibly using credit cards can create opportunities that lift our communities. However, those backing the CCCA — huge corporate retailers like Walmart and Amazon — will make credit more expensive and less accessible to many Pennsylvanians.

This bill gives superstores a huge break on interchange fees, which are the fees they pay to process electronic payments. They stand to make an extra $40 billion to $50 billion a year from this bill , shifting the financial burden to companies who offer credit cards to consumers, and we will end up paying the price.

Interchange fees help ensure credit cards are the safest way to purchase goods and services. Interchange fees fund fraud protection services and provide incentives for banks and credit card companies to take a risk lending to new borrowers. If banks respond to these changes like they did when similar legislation was passed affecting the debit card market, we can expect increased interest rates, additional fees and added difficulty when applying for credit.

Community banks and credit unions — often the most easily accessible banking institutions for communities of color — stand to lose billions. The bill will generate an industry-wide impact, and the banks will have to make up the lost revenue somewhere.

Our communities have worked so hard to lead an economic recovery in recent years, but many hard-working people have yet to realize those gains, so it is my hope that our legislators won’t inadvertently add one more hurdle for us to overcome when there is still so much work left to do to strengthen our economy and lift up Black and brown communities in the process.

I’m calling on Congress to reject the Credit Card Competition Act. I trust that our excellent senators in Pennsylvania will look out for the best interests of our communities, and I hope that their colleagues will do the same.