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David G. French
4.3K posts
David G. French
@davidfrench
EVP, Government Relations at the National Retail Federation (@nrfnews) in Washington, DC. Views are my own.
Katılım Mart 2009
889 Takip Edilen1.1K Takipçiler
Crazy. Credit card companies made $200 billion last year from swipe fees while spending just a fraction on airline miles for rewards cards. Meanwhile, almost everything you buy is more expensive -- even if you never use a credit card -- because of these hidden fees.
Jim Geraghty@jimgeraghty
You might say that in some cases, instead of having airlines that run a credit card deal on the side, we have credit card companies that subsidize the air travel industry on the side. Courtney Miller observed last year, “No network airline made money moving people and things in 2024, including United Airlines and Delta Air Lines.” Credit card companies purchase frequent flyer miles from the airline and reward them to the credit card user. Sometimes the credit card user redeems the miles and flies somewhere, but sometimes they don’t. But to the airline, it doesn’t matter that much, because the credit card company has already bought the miles and provided that revenue. In 2024, because of these payments from credit card companies, United, Delta, American, Southwest, and Alaskan Air all made operating profits. Spirit Airlines had a credit card partnership with Bank of America. But this is another situation where large airlines have an advantage over smaller ones. After all, would you rather have a credit card and frequent flyer miles and potential free trips on a large airline that flies many places, or a smaller one that flies fewer places?
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David G. French retweetledi
“#Creditcard fees are unreal. Sometimes, businesses get hit with a 3% or 4% credit card fee. So, from a business standpoint, we'd rather accept cash because then we don't get hit with that 3% or 4% fee," New York restaurant owner Elias Zeina says.
@SPECNews1CNY #CreditCardCompetitionAct #swipefee @SenatorDurbin @RogerMarshallMD @SenPeterWelch @LanceGooden @RepZoeLofgren @gillibrandny @SenSchumer tinyurl.com/4f3p9a4k
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David G. French retweetledi
If Illinois’ ban on #creditcard #swipefees on sales tax and tips continues to survive legal challenges, TD Cowen policy analyst Jaret Seiberg says “it is only a matter of time before most other states adopt similar policies. It also likely encourages states to seek other limits on interchange fees using the same legal reasoning that these fees are set by networks rather than banks."
@AmerBanker @GovPritzker @ILRetail tinyurl.com/bdthtev4
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David G. French retweetledi
End the Swipe Fee Ripoff, it's costing you 10¢ per gallon.
Tell Congress: Pass the Trump Endorsed Credit Card Competition Act.
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David G. French retweetledi
With #creditcard #swipefees taking 2-4% out of each transaction, “Our retail members are more than happy to accept cash," National Retail Federation Senior Director of Government Relations Dylan Jeon says. "It's usually the cheapest form of payment for retailers."
#CreditCardCompetitionAct @SenatorDurbin @RogerMarshallMD @SenPeterWelch @LanceGooden @RepZoeLofgren @Newsday @NRFnews
tinyurl.com/3jfwa3ru
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David G. French retweetledi
MPC is calling on the administration to retract rules issued by the OCC that would block state laws on #creditcard #swipefees, saying the move “flies in the face” of President Trump’s call for lower swipe fees and endorses the price-fixing of all fees charged by banks. @GovPritzker @ILRetail @realDonaldTrump @SenatorDurbin
tinyurl.com/yc5f3vaw
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David G. French retweetledi
Delaware state Representative Kim Williams says she introduced a ban on #creditcard #swipefees on tips because “Why should a business pay an interchange fee on something that is not counted as revenue for their business? We’re not asking to remove the interchange fees on everything. We’re just saying don’t tax the tips.”
@derestaurant @MattMeyerDE tinyurl.com/p45pzk3c
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A little Brooklyn baseball to cheer on the @GSOHoppers at the second best amusement park baseball park in the US.
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David G. French retweetledi
Today, Americans will spend $58,226,000 on swipe fees at the pump.
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David G. French retweetledi
Pennsylvania state Senator Nick Pisciottano says #swipefees on #salestax and tips should be banned because “Small businesses are being charged a fee on collecting tax dollars they don’t even keep” and “At a time when families and small businesses are feeling the pressure of rising costs, we should not allow #creditcard companies to profit off Pennsylvania’s sales tax.”
#CreditCardCompetitionAct @SenPisciottano @PAFoodMerchants @prlaorg
tinyurl.com/2p9zrd3c
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Wowza! Outstanding! The excitement is gonna be off the charts! #Pirates
Pittsburgh Pirates@Pirates
Opening Debut.
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This statue even looks a little like the sacred statue of Great Leader Kim Il Sung in North Korea's Mansudae monument.
RS Archer@archer_rs
Not a parody, not a comedy show item. Donald Trump has designed for his Presidential Library main hall, as its highlight, a 10m tall golden statue of himself.
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David G. French retweetledi
“#Swipefees drive up the cost of nearly everything we buy, and #Easter is no exception,” MPC Executive Committee member and National Retail Federation Senior Director of Government Relations Dylan Jeon says.
@CUTodayBuzz @NRFnews #CreditCardCompetitionAct @RogerMarshallMD @SenatorDurbin @SenPeterWelch @LanceGooden @RepZoeLofgren
tinyurl.com/3hx7tzwn
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David G. French retweetledi
David G. French retweetledi
California’s $20 fast-food minimum wage raised restaurant prices approximately 3–4 percent. Other prices including food-at-home exhibit no differential movement, pointing to wage-driven pass-through, from @jeffreypclemens, Olivia Edwards, Jonathan Meer, and Joshua D. Nguyen nber.org/papers/w34990
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David G. French retweetledi
Milton Friedman dismantles the “capitalism = greed” narrative:
“Tell me, is there some society you know that doesn’t run on greed? You think Russia doesn’t run on greed? You think China doesn’t run on greed? What is greed? Of course, none of us are greedy, it’s only the other fellow who’s greedy.”
“The world runs on individuals pursuing their separate interests. The great achievements of civilization have not come from government bureaus. Einstein didn’t construct his theory under order from a bureaucrat. Henry Ford didn’t revolutionize the automobile industry that way.”
“In the only cases in which the masses have escaped from the kind of grinding poverty you’re talking about, the only cases in recorded history, are where they have had capitalism and largely free trade. If you want to know where the masses are worse off, worst off, it’s exactly in the kinds of societies that depart from that.”
“The record of history is absolutely crystal clear, that there is no alternative way so far discovered of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by the free-enterprise system.”
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@scottlincicome I only enrolled in the free trial. I dumped it before it went active.
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@davidfrench Yes. I accidentally purchased that too - bc it said I needed to! And now I can't get it refunded.
Just ridiculous.
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Kudos to the MLB and ESPN/Disney for making the reupping of my annual TV subscription as absolutely impenetrable as possible. About as quick and enjoyable as a colonoscopy. 🤬
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@scottlincicome Just initiating new service is a mess too. I signed up for something that I thought would allow me to watch out of market games but so far I am only getting audio feeds.
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@davidfrench Yep. Why not simply email me that my sub was getting transferred to ESPN or, if I don't have an ESPN/Disney account, canceled? Instead, nothing.
Bah.
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