Senators Marshall and Durbin failed to get a vote on their dual routing bill on credit card interchange, which TD Cowen views as a minor setback and expects they will resume the fight in 2024. The firm maintains a 30% risk that the bill could pass and its focus is on whether it gets amended to include Federal Reserve credit card interchange price setting if dual routing does not occur. Publicly traded companies that would be impacted by the credit card interchange include Visa (V) and MasterCard (MA).
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