Sen. Josh Hawley to Visa & Mastercard: "This is classic monopolistic behavior."

[@TuckFinn831]

This is wild to see republicans taking on big finance.. I like it.

[@CodeSpaghettiChef]

Yeah, the world is turning upside down

[@ronensalathe]

Yeah, because the GOP has been taken over by the maga circus

[@harmony2369]

Its how its been for a long time, You've just been lied to. Government helps to build monopoly in most cases and if you look at the last 100 years of American politics its actually mostly democrats that have done it.

[@TuckFinn831]

@CodeSpaghettiChef do you have a compass by chance? Did the poles actually shift?? Lol

[@user-tr1zj]

this is what companies get when they don't pay their protection money---I mean political donations

[@sherylchapman4168]

They can yell all they want, let’s see what they actually do about it.

[@jacobevans6286]

Nothing, because everything he said is irrelevant to the business model

[@ivermektin6874]

Mastercard don't charge interest, the bank does. If this comment section is anything to go by, Americans are even less smart than people realise.

[@totelife6443]

​​​@@ivermektin6874A global payment Network that monopolizes the industry and works with lenders with predatory practices is not cool in this country. I'm American. Fuck you.

[@williamwork9171]

i have to say this is so true that they are monopolistic ! and APR are so high 28% for middle and lower level class families!! They are the Robbery!!US government must prohibit their BAD behavior!!

[@jeancena3556]

⁠@@ivermektin6874Finally found a place to feel smart huh?

[@RHTeebs]

I don't agree with Hawley on a lot, but, I will say he absolutely schooled those people.

[@ShirleeKnott]

same

[@2200Stinger]

What do you disagree with?

[@moegreene7940]

His policy positions are kind of awful but republicans, mainly Trump republicans, are going after monopolies.. He also schools the Biden admin officials all the time. Granholm, the energy secretary, should be in jail. And he Ethered her last week

[@ShirleeKnott]

@@2200Stinger everything he has said or has done besides what this video highlights.

[@2200Stinger]

@ Right, so you don’t actually have an example. A “my side good, other side bad” sort of infantile thinking. Not surprised in the least.

[@dutchvanderlinde5004]

I hope Hawley keeps this up. We need all of Congress doing this.

[@Ursicus-td8zt]

They do. What you'll never see is them actually doing anything about it. Cause these sound bites are enough for people like you. Cause you're all suckers for political theatre

[@Euretyum]

Other than the fact he doesn't understand what Visa and Mastercard do.

[@tome3427]

@@Euretyum He does confuse the roles of the players, but then again, the business is esoteric and convoluted, so Senators (Republicans and Democrats) will never spend the time to learn it.

[@williamwork9171]

i have to say this is so true that they are monopolistic ! and APR are so high 28% for middle and lower level class families!! They are the Robbery!!US government must prohibit their BAD behavior!!

[@Euretyum]

@@tome3427 I disagree that its a difficult business model to understand, but either way maybe if you are going to go after them publicly you should try to understand the basics. Its embarrassing.

[@kyleschuette1667]

The credit card companies and banks are more of a problem than Visa and Mastercard. The CC companies and other lenders are responsible for the 27+% interest rates not Visa and Mastercard.

[@hurricaneben]

Exactly. But Hawley pretends it’s MA and Visa’s doing.

[@Mark-rw3kw]

@@hurricaneben It is true that the card issuer (banks, etc) are the one's who collect interest on past due balances, but the toll that Visa and Master Card charge the banks and the merchants is also pretty high, especially since Visa and Mastercard have almost no risk in the transaction (the bank card issuer is on the hook if the credit card owner does not pay their bill).

[@ManoliGreek2640]

@@Mark-rw3kwwhy aren’t then the banks names on the credit cards ????

[@Mark-rw3kw]

@ Sometimes the bank name is on the Visa or MC, or the card may be branded by some other company like an airline or hotel or any other business, but there is always a bank that is the card issuer. The first four digits of the card number indicates the bank and tells Visa or MC where to route the credit card sale for authorization. The bank may do the processing themselves (if a very large bank) or hire a third party processor like Global Payments or Fiserv to do it for them. There is also a merchant bank that the business that accepts the card must use so the merchant can get paid. American Express is different in that they are the merchant bank and the card issuer bank, and also network processor.

[@kennixox262]

I pay absolutely ZERO credit card interest fees by paying my cards in full every month. Spend less on junk that will end up in the land fill and put that money in your own investments.

[@lugnutmcvan938]

You can see they do NOT care.

[@tomehebert]

They don't care because the congressman, or whatever he is, is making himself look stupid by not understanding how money works.

[@ML-te6qv]

​@@tomehebert He is a senator and he is far from what you implied

[@Myd-z7s]

@@tomehebert what is there to understand about 30% interest rates? they are parasites.

[@Atilla-m9i]

One was thinking, we don't make as much profit as Apple.

[@john_paul]

Literally read this at 2:22 where they all look asleep or have their heads slouched over hanging in something like the shame and embarrassment of a student who forgot their homework or didn't study for the final exam. 😂

[@MrWorstNews]

Why are these hearings so hard to find?

[@arbyjack2552]

Interesting tho. Should be front and center everywhere

[@williamwork9171]

i have to say this is so true that they are monopolistic ! and APR are so high 28% for middle and lower level class families!! They are the Robbery!!US government must prohibit their BAD behavior!!

[@crumbopulis]

@@arbyjack2552I think they should just be easily found on the White House site.

[@bradhaines3142]

because they're pointless and never actually change anything

[@crumbopulis]

@@bradhaines3142 the effects are not instant.. usually these are fact finding missions anyways. They will help shape the senators’ opinion. Also they really should just be easy to find on the White House site. Who wants to hear about US senate hearings from New Zealand anyways.

[@iamshaunsimpson]

Heatbreaking: The worst person you know just made a great point

[@alexflosho]

I could name a dozen worse people and they are all in Congress or the Presidential Cabinet

[@DDCrp]

It’s just a ditto head comment. We don’t have ideas- ideas have us

[@batitsogtsaikhan469]

@@LV-ei1ceyou're not going to get a solid response from him😂

[@adamfaine7789]

@@LV-ei1ce Wasn't he the person trying to show solidarity with the protestors storming the capital? Like, raising his fist in the air to help rile up the crowd?

[@BoondoggleMyCognle]

Yeah ​@@adamfaine7789

[@matlikescats]

Never in my life have I agreed with Hawley until today. BREAK UP THE MONOPOLIES

[@keko7198]

You look like a Kamala supporter, might want to get your testosterone levels tested pal

[@weredoomed113]

Yeah I can't wait for him to introduce legislation, I'm sure he'll get around to it any day 😂🤡

[@keko7198]

@ there’s departments of the fed like the FTC who enforce the anti trust and monopoly laws, it’s not up to Congress you moron. Should probably learn how shit actually works before commenting something stupid

[@williamwork9171]

i have to say this is so true that they are monopolistic ! and APR are so high 28% for middle and lower level class families!! They are the Robbery!!US government must prohibit their BAD behavior!!

[@InflationProof28]

The only way to do this is by competition.

[@rw3819]

The credit card companies do not loan the money and they don't collect the interest. ("We're not the banks.") I only got this clip algorithmically, so I don't know the subject of the hearing, but what he's missing is their actual business.

[@ac.4ce442]

Exactly. He either is really dumb or he intentionally asks misleading questions to paint a negative picture.

[@pogtuber5146]

He is not at all missing that their business is percentage based fees and a monopoly.

[@pogtuber5146]

@@ac.4ce442 Imagine being a fucking bootlicker of credit card companies right now. That's you.

[@eduardoshow]

Yes the interest bit was a bit misplaced, but the implication is that Visa and Mastercard benefit from Americans taking on more debt.

[@crepperwlp]

​@@eduardoshow Yes, but any industry that sells anything benefits from people taking on more debt. As long as the debt is used in that industry.

[@Myd-z7s]

These credit card executives are PARASITIC on the real economy. Why do we put up with this?!

[@zo9fg]

well, using cash is also a cost to merchants, transport and stuff but yeah, they are a tax on all non-credit cards users because merchant have to raise price to pay these guys

[@ivermektin6874]

For the same reason you pay an ISP for access to the internet, an electric company for access to the grid and water company for access to water.

[@flamabl1]

Because The douchebag supreme court for rich people has said that companies are "people" and therefore will always determine who gets elected with their pocketbooks.How many people do you think even know how much this is undermining any meaningful change in this country?

[@nozar7]

A couple points you might be overlooking. Point 1, Visa and Mastercard don't make any revenue from interest rates or late payments. They are providing the card and the network, but the loan agreement is with whichever bank issued the card. Those interest payments go directly to the bank. Visa and Mastercard don't get a penny from it. Point 2, if you look at the countries that have the highest usage of credit cards per population, they're all the richest countries in the world. The poorest countries don't have any credit card usage. Giving people access to quick debt is actually a tailwind for economies. We should do a better job teaching financial literacy so people don't use more than they have.

[@zo9fg]

@@nozar7 the thing is by levering a fee for their network, merchants are forced to raise price for all consumers even if they don't use card to pay to cover the cost

[@Meepoli]

First 3 minutes he was doing great. They have 50% margins as payment processors, and it’s monopolistic. Then he starts talking debts and asks “what am I missing” and the answer is that they are not banks, they are payment processors. As she stated, they get no revenue from debt, they have 50% margin WITHOUT interest. They do NOT “have debt” from consumers, the banks do, as she tried to explain to him. He did a great job calling out how the only 2 serious processing players are screwing small businesses, but he looks silly not knowing that Bank of America, chase, Amex, etc. are the ones getting interest money from people in debt.

[@SM-hn2od]

It's not silly as its relevant to their business model. The consumers ability to get into debt or their inability to affects their profit. They spend alot of time figuring out the health of the credit card owner and to do this they would have to know how willing and/or able the average visa/mc card holder is willing to use credit. They have to know how willing banks are to lend money and at what rate. The executives are being dishonest and are trying to deflect all responsibility to the banks, when visa and mc are facilitators of consumer debt. They make money off people getting into more debt than they can handle.

[@Xkorpitron]

not really, he's looking at the bigger issue here, TLDR visa and mastercard just dont help the situation making it even worse for your avg consumer, by taking 50% with no interest mind you, cuz that's the deal they cut out with the banks, one hand washes the other, shite like that's it's why the economy is fucked in the first place.

[@ozzyistheking21]

I promise you, your world will become a lot better when you realize you are not as smart as you think you are.

[@selwynmarques]

He was right about interchange, lost track when the argument moved onto interest rates.

[@Narxes081206]

Agreed, Visa and MasterCard don't set interest rates, so they wouldn't have that information readily available. Same with the debt question.

[@Baconmonster723]

​@@Narxes081206I mean, they may not set the end interest rates but they HEAVILY influence it with the cut they take from the bank. They also have the power and authority to prevent their cards from being used by banks that have ridiculous rates. So yeah, sure, there is more to it than them being the sole arbiter of interest rates, but they absolutely have a huge hand in the nature of the market currently and its continued decline into an uncompetetive cesspool. I mean it'd be one thing if we could all just ignore credit cards and let people who can't keep their spending down use them. However, they're basically needed so you can build credit to afford loans in the future. They've broken the financial system to the point they've made themselves essential for use.

[@briantbmoth6472]

They are making fees on fees on fees.

[@phil5694]

Visa and Mastercard has nothing to do with credit card interests. They don’t decide the rates nor profit from it, those decisions are from the banks. Either Hawley has no idea how the payment industry works, or he’s deliberately misrepresenting the facts to unfairly associate Visa and Mastercard with an unrelated issue.

[@jonfilibuster8499]

Look up "swipe fees" for credit and debit cards. Companies have to pay lots of money just to accept cards which is offset on consumer goods

[@karatsurba4791]

Good point. However, does it make sense for Visa n MC to charges based on transaction amount ? 🤔 Whether the transaction is of 10$ or 100$ , they simply connect the issuing and receiving bank. They don't provide a better service for a higher transaction amt, do they ?

[@phil5694]

@ Good point, but I don’t see how credit card interest rates have anything to do with this

[@LyonWay]

Right on. The transaction fees argument yes super strong points for monopolies. But credit card interest is entirely due to the banks. Visa and MC are simply transaction companies. I thought it was the wrong point to argue.

[@karatsurba4791]

@@phil5694 Its not related to interest rates. It's just a point to ponder over on y transaction fees is higher for bigger transactions when all that is happening is updating bits on a computer. There is no difference in servicing a small or larger transaction, so y the discrepancy in fees.

[@secularmeditation]

First time ive appreciated josh hawley open his mouth.

[@olddognewtricks5879]

Right there with you. That being said,it's one thing to be critical in a hearing the real proof comes in the legislating.

[@mikeisgettinupset]

@@secularmeditation that’s all it’ll be though. He’s got his sound bites looking tough and that’s where it will end. He won’t push any legislation and he certainly won’t vote for any.

[@azurebadger]

@@mikeisgettinupsetyou clearly cant comprehend the current reality. Any of you. Your bubble is about to burst. And biden starting nuclear war will not stop whats coming. If you cannot even detect the corruption you were voting for, we’ll show you in detail.

[@2200Stinger]

Can you explain a time when you didn’t?

[@moegreene7940]

I hate him but he exposed Jennifer Granholm the other day who is a corrupt ghoul that now we know is way worse than him and she’s the Energy Secretary lol

[@zie9171]

Hawley needs to be President!!

[@gerber8915]

What? This was not expected - I absolutely appreciate Mr Hawley for dispositioning these CEOs in this manner, but in no way EVER expected it. Please continue sir.

[@JohnathanBach]

I’m not sure why he isn’t interviewing Chase and CapitalOne executives instead of these Visa and Mastercard executives.

[@Cheedssneedfeed]

Finally, someone with some sense. These payment processors are not the ones setting interest rates on the delinquent payments, it’s the banks that set them because the banks are the ones that assume the credit risk.

[@jamesritterjr]

Exactly. This has literally nothing to do with Visa and Mastercard.

[@jamesritterjr]

@@Cheedssneedfeed The banks also earn the Interchange. The card brands earn an extremely small cut.

[@mstrfstr310]

Because it's easy to deflect blame onto them. They're colluding, sure. Benefiting of course. However, they aren't the root cause... so they make for easy scape goats.

[@tome3427]

@@jamesritterjr Banks should be there, too, but I wouldn't say Visa and MasterCard are not to blame for the consumer being overcharged. They are the oligopoly in the middle of the card ecosystem, running up the network fees that are passed on to the consumer every April and October.

[@joshuacress5174]

Cap the rate at 10%! Anything else is robbery!!

[@Rensune]

Nah. BAN Credit cards. Now

[@phexus]

Cap it at 10% and have stricter limits

[@bytesizebiotech]

@@phexus Yeah, my credit card limit just went up to 18,000 and I have no idea what I did or why I would ever need that anywhere near that volume of credit. If you're giving people less competent than me 18K in credit, no fucking wonder there's so much debt in the US.

[@phexus]

@@bytesizebiotech Sometimes I think they just increase it to make room for more interest to build. It's absurd.

[@umeng2002]

Usury is the term, but certain people think its a racial slur.

[@sidney707]

Credit card APR is not set by V or MA - the APR rev goes to Banks who issue the cards. Senator needs to understand the business model before making these statements.

[@MrMackievelli]

No but it's affected by it.

[@Baconmonster723]

Yes, because there's no way Visa or MC had a hand in helping determine those interest rates either directly or indirectly. It's not like their name is on the card those banks are handing out. It's not like they are the ones who dictates the cut they receive from banks who utilize predatory credit practices. They aren't the only ones to blame, sure. But they absolutely are complicit and happy with the current state of affairs.

[@lenispicker69]

@@Baconmonster723you’re right there is in fact no way

[@patriciau6277]

And she sits there with a smile!

[@jacobevans6286]

Because he’s talking out of his ass

[@Cheedssneedfeed]

Yea, because she knows she hasn’t done anything wrong. Neither Visa or MasterCard collect interest on credit card debt, that’s what the banks do.

[@williamwork9171]

i have to say this is so true that they are monopolistic ! and APR are so high 28% for middle and lower level class families!! They are the Robbery!!US government must prohibit their BAD behavior!!

[@mad0uche]

because she did nothing wrong

[@Terranova-wwJd]

@@Cheedssneedfeedyou’re missing the point.

[@Cheedssneedfeed]

Hawley is a clown. Visa and MasterCard do not collect or charge interest on delinquent credit card debt, that is what the banks do. The only credit card processors that collect interest on delinquent debt are discover and Amex because they both issue cards and assume the credit risk for clients they have issued card to.

[@jacobcorbridge4906]

So the bank is the one setting the high fees?

[@Cheedssneedfeed]

@ yes, the banks and credit unions are the ones that set late payment rates. Even if they capped the rates at 1 percent, it wouldn’t affect how much money visa and MasterCard make because visa and MasterCard are not the ones setting the rates and assuming the credit risk. I’m not saying the high late fees are a good thing, but visa and MasterCard have nothing to do with this. The MasterCard spokesperson tried addressing this multiple times only to get shouted down. Amex and discover have a different business model than visa and MasterCard where they both issue their own cards and assume credit risk for their clients. That’s why American Express generally has a higher swipe fee and caters more to wealthy individuals and generally has much stricter requirements for their cards.

[@treysnyder6393]

THANK YOU! Someone who finally understands how credit cards work

[@Cheedssneedfeed]

@@treysnyder6393hawley is virtue signaling hard with that credit card debt figure, as if it’s visa and MasterCards fault that people spend too much or go beyond their means. As a payment processor what are they supposed to do, block the transaction from occurring?

[@jacobcorbridge4906]

@@Cheedssneedfeed interesting. This seems like something Hawley or at least an advisor should know. They are talking to the wrong people. Do you think his criticisms are valid/applicable to the banks then? Edit: rewording

[@kjorlaug1]

Now if only they were this consistent with calling out other corporations

[@ivermektin6874]

Or the people who actually charge the huge interest, the actual banks. But I'm guessing those are the ones lobbying this dude to deflect the blame and the low IQ murricans eat it up.

[@brendahowe1898]

They're definitely monopolizing....

[@jacobevans6286]

You can have 40 different credit card companies, they’re still going to be the most used.

[@rodneypratt4324]

NO SHIP

[@tome3427]

Oligopoly

[@fb3jrn]

Even a broken clock is right twice a day

[@wingent15]

Hawley is like a broken clock that people still hang in their house knowing it does not tick. Its pointless, he is blabbing nonsense to the wrong people. In regard to the credit card debt, he should talk to the banks who issue the visa or mastercard credit cards.

[@4ourty5ive]

Amazing and eye-opening clip, to see M trying to get these answers and have an interaction with what are hopefully real people running those card companies, and they act like victims who barely know how to speak. I’m so glad that he basically had a presentation ready for them on these numbers and asking them about these profit margins and what they’re making off of the debts of customers.

[@RoyceVera]

This comment section is full of people just like Hawley who do not understand a thing about the businessmodel of these companies. Amazing really. Visa and mastercard do not issue creditcards or debt, banks do!

[@mr_0n10n5]

The argument is that because MasterCard and Visa have no competition, they profit from these interest rates.

[@cheezeyman69]

Visa and MasterCard are payment processors. Yes, banks issue the credit and cards but those transactions still go through those processors, which Visa and MasterCard own 80% of that field. That's the point of contention here.

[@BarneyGoogl]

It's also full of people defending the big banks and credit card companies. I think tribalism has gotten so bad now people don't care who's side they're on, as long as there's people against them lol

[@Baconmonster723]

And you seem to think that just because they don't set these rates directly they have no hand in influencing them. I'm not sure if you're ignorant or naive. It happens in literally every single industry where there is any form of interdependence between different enterprises. Directly or indirectly you have a hand in what another company is doing. If you own 80% of the market you dictate what happens down the chain of that market and in relation to it. These companies (Visa and MC) collude with each other, why the hell wouldn't they collude with the banks in relation to their product as well?

[@rugrat1235]

The interest rates have gone through the friggin roof. My bank credit went from 7% to 13.5% in past 4 years. Credit card companies are way worse!

[@treysnyder6393]

I’m sorry but he has no idea how Visa and Mastercard work…. The debt is with the banks not with visa and Mastercard. They take a % fee for facilitating transactions

[@MrMackievelli]

No, the debt is with Visa and MC. They are the middleman between the bank and the company that you are shopping at. This is what they are talking about. Do you think a 50% profit margin for MC and Visa is good? No, they are taking money from you each and every time you use your card at retailers. Banks don't get much in the way of transaction fees, they get their money from other services included from your bank.

[@PeppermintProject]

It's so sad that the senator doesn't know the difference between the banks actually giving out the loan (and benefitting from it through collected interest) and the card (VISA / Mastercard) providing a service to issue the loan to the consumer. Mastercard and VISA are not lending out any money what so ever.

[@afridgetoofar1818]

Josh Hawley is the future of the Republican Party. Imagine a Vance/Hawley ticket in 2028!

[@Atilla-m9i]

We need a Republican woman to win the Presidency before Democrat woman.

[@jcarle1001]

This was inspiring for a liberal like myself to see. Normally, you see Katie Porter or Liz Warren giving it to execs like this. Hawley was awesome here.

[@prism8289]

Vance works for the people testifying.😅

[@Baileyhargrave]

3:14 he’s now trying to take shots at folks who are the wrong targets. Visa and Mastercard don’t control interest rates

[@jeffd3660]

I'm so thankful / Blessed that I've never fallen into the credit card trap ..... never used them , never will

[@bytesizebiotech]

I make money from my credit cards so, sucks for you.

[@jeffd3660]

@bytesizebiotech no , it doesn't " suck " for me. , I don't need to get back nickels & dimes , I have enough money for everything I want or need + I prefer to stay out of debt , I own everything I have and am beholden to no one 😁

[@gregorymalchuk272]

​@@bytesizebiotechYou make that money by sucking it out of poor people, who then become public charges. So it's really you taking money from poor people and taxpayers.

[@bytesizebiotech]

@@gregorymalchuk272 I’m well aware that the credit card perks are only possible because of the high interest paid by poor people, that’s why I’m advocating for lower interests rates. I don’t give a shit about my perks. All I was saying is that that if you use credit cards appropriately, you won’t be in debt ever

[@bytesizebiotech]

@@gregorymalchuk272 I agree with you. The best way to make the system collapse faster is to take part in it. I'd happily give up the credit card perks if it meant that APR rates wold decrease for everyone.

[@GeneralAllenby4Aqaba]

I was this days old when I heard an elected representative say “give the shaft” Normally my sensibilities would be offended, but F#$% Visa and Mastercard

[@tomehebert]

They aren't wrong though. They a rent the bank. The debt is held by the banks, not Visa or Mastercard. They only benefit from the transaction. The bank benefit from the debt. Unless I'm wrong, then believe whomever serves your beliefs.

[@joemency2242]

Yeah that's what I understood too. Shouldn't they be arguing with the banks regarding the questions from about 3:00 onward?

[@stig9851]

You are doing a phenomenal job disclosing the truth Mr. Hawley. The american people AND the WORLD need more people like you! down with these money hungry frauds..

[@Rensune]

50%! Wtf

[@echoech1319]

I use my Mastercard/Visa because most merchants accept it. Merchants accept them because many consumers like me use it. I also prefer to use credit card because it protects me from fraudulent transaction since I won't lose my fund over the course of a dispute. So these fees and profit margins are just the result of market forces. I'm all for capping fees on transaction and encouraging more competitions but is there truly a political will from people like Hawley here.

[@margaretsmyth1564]

So when are they going to be stopped

[@tome3427]

Don't hold your breath waiting :)

[@Jojorocks23]

Absolutely killed it as usual Hawley! Capital These men are despicable, how do they sleep at night? I have rarely had a crush on a guy. I was always popular, didn’t have to struggle for a date. But… as a senior now, I have such a crush on Josh. ❤❤He is incredible. I have a high IQ and love intelligent men, many don’t keep me interested in debates… but this guy is so knowledgeable and persistent in his debates that oh… if only I was 30 years younger… oh my Josh! 😊😂 Josh, FYI… Capital one has increased their interest rate March 2025 by 4 points. Go get’em Josh. 🎉

[@AnonyMous-rr4gf]

Absolutely excellently pointed out. Glad this is happening!

[@breecedjpancake8565]

Banger. Thanks C Span.

[@EUVALE]

I thank Senator Hawley for being direct and showing the truth of how these companies play the American people who are suffering.

[@tome3427]

In doing so, he demonstrates his lack of knowledge of credit card dynamics. I give him points for trying

[@horstnietzsche1923]

One of the most important things happening in us politics. Glad to see Josh standing up to them.

[@arbyjack2552]

Absolutely disgusting!!! Happy to see that they are being questioned!!!

[@waltwhite6715]

Beautifully spoken

[@SaltyMinorcan]

Maybe Congress can embarrassed them however I believe laws have been changed to make it harder to break up monopolies. Thanks for voting Republican😂

[@vintagegamer7027]

The problem is that anti-trust laws haven't been enforced for decades. Biden's FTC chairman Lina Kahn actually succeeded in enforcing these laws but there's only so much the FTC can do in 4 years when we're taking about decades of corporate consolidation & corruption. There's almost no way we will have as fierce an FTC chairman as Lina Kahn under the Trump admin.

[@9997eman]

Who’s going to tell her? But it’s a Republican grilling them. And it’s a Republican that’s going to lower the rate to 10%. 👀… not to mention they all donated to Kamala Harris campaign

[@Maureen-q6w]

🙄. Here you go honey 🍭

[@Danna-w9f]

Hawley,Cruz and Kennedy are the best Senator's. Whoop whoop

[@Baileyhargrave]

2:11 $1.5B spread across ~550,000 Missouri businesses is a mere $2,727 per business to have the convenience of processing CC transactions

[@SaltyMinorcan]

Usury is frowned upon historically

[@2200Stinger]

And historically it (rightfully) results in the expulsion of a certain group.

[@Maureen-q6w]

And, yet, here we are🙄

[@Myd-z7s]

@@2200Stinger "a certain group" stfu you utter cowardly moron

[@Atilla-m9i]

Usury gave us a higher standard of living. Still Moses, Jesus or Muhammed would not approve.

[@2200Stinger]

@@Myd-z7s Huh. What a strange coincidence that I didn’t even explicitly say who I was talking about and you already instinctively know.

[@IMAN7THRYLOS]

Generally with credit cards, it is the banks that set the interest rates Mastercard/Visa sell products and solutions to banks to conduct payments but the banks on the top of it, can add an EXPENSIVE consumer loan in the form of interest.

[@David-py6ib]

Next price gouging......Kroger is a huge culprit

[@CLNSL8]

Wow. I am 😲 shocked this is Hawley? Taking on big finance. Please do more of this

[@sw4841]

So Josh Hall and Republicans love to point out this behavior, but what did they ever do about it? Nothing as far as I know they’re making a big show for the public, we found this monopolistic behavior but what are we actually gonna do.., nothing!!!

[@realitateatm]

They said they don’t control interest rates and don’t profit off interchange. So, bring the bankers to the stand. Hold them accountable. Get to the root of the problem!

[@Engormg]

When it comes to actual law making, and breaking up monopolies, republicans all ways protects big corp. This is for social media performance.

[@BlockyNinjaVidz]

I feel most Republicans are actually moving into populist economics so anti-trust has become something they are embracing

[@ballinhunter12]

Exactly. It’s shocking to hear a Republican press on these companies knowing Republicans are the ones that allow them to act like this and monopolize.

[@maximlevitski9425]

Thank you Sen. Hawley for addressing this highly important issue.

[@bombmanNL]

Josh hawley is a complete idiot, doesn’t understand the payment netwerk company business model. He compares it with banks! Insane stupidity 😂

[@TechCrazy]

Does anything come out of these hearing? The theater is great but what changes after these hearings?

[@ruffEdgz]

Wow Hawley actually asking like a Senator? Madness!!!

[@2200Stinger]

When didn’t he?

[@umeng2002]

That is about $242 per year per Missouri resident for payment processor fees.

[@avres13]

Hawley should’ve been the republican president. We don’t need more elderly in any office of power.

[@DoyleHargraves]

He will be. 2028, 2032, 2036, 2040.... he's bound get on the ballot.

[@Jane-fv4jk]

Mr Hawley, thank you for defending Americans from this and all injustices that have been tolerated for decades.

[@9997eman]

Republican starting to clean house now that they finally have some power.

[@ARandomDonut]

Don't get your hopes up. They'll just fill it with more clutter later

[@Maureen-q6w]

@@ARandomDonutnope

[@47worstpickever]

😂😂😂😂😂

[@Maureen-q6w]

@@47worstpickever 🍭

[@prospectnyc]

This is why we can't let Musk and Vivek dismantle the CFPB.

[@d.wilbur5164]

OBSCENE!!!

[@troyjrobertsontrue]

Someone correct me if I’m wrong, but I think what he’s missing here is that Visa and Mastercard are the payments networks, or methods of payment. They don’t set the interest rate, card issuers do; AMEX, Chase, Wells Fargo, etc. Right?

[@jamesritterjr]

Yes. This is a show for dumb voters

[@williamwork9171]

i have to say this is so true that they are monopolistic ! and APR are so high for middle and lower level class families!! US government must prohibit their BAD behavior!!

[@theonetruemorty4078]

Standard Interchange rates are separate for all card brands. "We have nothing to do with it" is a lie. SWIM works in this industry, it's a club.

[@GokuNoyd]

You are absolutely right, there is no competition, they have an monopolized business agenda. Same with other companies, even entertainers do the same thing. How could this person or this company be a threat to your company/you when you make more than enough to successfully take care of all your needs. People who want to control the entire market, end up with scraps.

[@Jasongy827]

It’s gut wrenching when most corporate don’t pay an equivalent tax yearly

[@qbndorian]

Everyone hates credit card companies. This could be the last time we agree with Hawley and I will appreciate every single second.

[@renevalice3056]

High finance is such an elite world. The top executives sway the market with a cloaked hand, and politicians gunning for them suggests the uncertainty of tomorrow’s bank is worse than we can imagine, as ordinary clients.

[@SkeeterMcTavish]

1:35 it's a matter of convenience to the customer because they've made everything else more difficult. It's like working a corporate job - you can't get hired without a linkedin profile.

[@kweeks10045]

Why do you think Capital One bought Discover card? It was for the processing ability. Visa and MC wouldn't negotiate on fees, so Cap1 bought out their competition and will be able to do their own processing.

[@No-thing-ness]

Here is a question to the banks and credit card businesses. If you weren’t making 50% profit what services or what impact to services would there be? None is the answer.

[@SLangel18]

I really don’t believe they don’t know where their profits are coming from. If not they would be fired from their positions in the company!!

[@josephleon2042]

The full faith and credit of the US belongs to its citizens!

[@rodneysammons5544]

@ 0:25 Who is the stranger in the background?

[@Impozalla]

Well I am proud of this Republican senator is taking a stand for small businesses. Small businesses around this country have been shafted by credit card fees and extra fees. It is insane that MasterCard and visa have 80% in America. Small business has nowhere to go except to take the fees from MasterCard and Visa in order to operate.

[@jerwong]

The fact that these two companies can harm a company financially by refusing to do business with them makes them a dangerous monopoly.

[@jtn1920]

I would like to see Senator Hawley ask the question of why so many Americans are reliant on credit cards in the first place (low wages), rather than going after those who provide the cards.

[@Adam-hp5hj]

They're reliant on credit cards because of consumerism. Autarky or bust

[@MinjieXu]

Hawley should be smart enough to know the credit card network (Mastercard and Visa) don't make money from credit cards debt (balances).

[@Hansence]

Higher interest rates allow more cards to be issued, creating more transaction value, thus more fee for Visa and Master?

[@marclegarreta]

I love this version of Josh Hawley. Working for the American people. None of the nonsense!

[@marclegarreta]

@@matthieuschmitter6676 When two companies--who control 80% of the market-- get to make up a number to charge people for every swipe of a card, it is a monopoly. Visa and Mastercard make BILLIONS off this. Who pays for it? We do! Paying to use our money. What a great idea! With meaningful competition, Visa and Mastercard couldn't abuse their control of the credit card transaction market. And true: the Fed does set interest rates--the minimum rate. Banks can also add onto rates for low-qualified borrowers or in circumstances where there is a considerable risk.

[@cable1567]

They dont decide the interest rates but raise the price of everything upwards of 2.5%. Thats actually alot for just stamping a logo on a piece of plastic. To put it in perspecive a family owned mexican restraunt in my town on average pays roughly $85000 dollars for credit card transaction fees. You actually get a discount for paying cash there now.

[@yeti08]

The main problem is, it’s all talk but no policies or work to help the affected ones. And the second part is if there were 10 different card companies, everyone would be trying to rip the customers on 50% profit margin rate and not trying to compete to make it cheaper.

[@2signalman]

They don't want to tell you they are ashamed of it😢

[@lazyman2451]

YESSSSSS!! Finally. Small businesses have been getting aroused for so long.

[@viddbeav]

I simply don't understand the point of these hearings.. the people questioning them have power to amend rules and yet they don't and then question these CEOs whose job is to make money for their firm.

[@melo7591]

I don’t even know what party howley is in I just love him every time I see a video of him 😂❤

[@uriel1919V3]

Did have "Supporting Hawley" on my Bingo card, but here we are. Refreshing to see those greedy monopoly "card duo" get grilled.

[@crepperwlp]

The margin is super high, but the debt graph is a terrible argument. The banks set the interest rates. Arguing against them with that graph is like arguing against Steam that a game is too expensive when the publisher set the price too high. Also... their fees are what? About 3% max? And the banks are getting 30% INTEREST? I'm gessing the bigger problem here is the debt...

[@robertbell9523]

Same song and dance in these types of hearings. You can clearly see areas of opportunity, but what do lawmakers actually do about it? I’ll wait.

[@DanG626]

Okay Hawley, you earned points with me. Very well spoken and great points. Now I’m gonna keep watching you see if you and Republicans stay on this trajectory

[@waynez5535]

Then the Republicans better not remove Lina Khan because she is the biggest proponent actually fighting monopolistic behaviors in the United States. Whether you're a Dem, A Libertarian, or Republican, having Lina Khan as FTC Chair is gift.

[@ManoliGreek2640]

How the heck can they say they don’t know the interest rate & or set them the banks do??? That’s outright nonsense..

[@petergoodman1337]

The theft is debit cards using the Visa network. Credit card theft interest rates is coming from banks. Such an easy solution (which would bankrupt visa). Congress could solve with one vote.

[@daleleeroy]

Kind of ironic, politicians outraged at the fees being charged. Don’t they write the laws? Just pass legislation to lower it to whatever you want.

[@MissingAFew]

He was doing well until the very end, where he clearly didnt understand that Visa and Mastercard are not banks and have nothing to do with credit card interest rates. American Express is like that, but not Visa and Mastercard.

[@benjaminlehman3221]

I LOVE free markets and that means I have to hate monopolies. It is hard to think higher than 50% profit margin is fair to new companies. The issue is, attempting to force that profit lower will most likely end badly like most government intervention does.