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Stock Market Today: Dow Rises; Global Chip Stocks Drop; Bitcoin Falls Further — Live Markets The Wall Street JournalWhat on Earth just happened to the stock market? CNNWall Street edges higher as stocks rebound from the prior day's volatile downturn MSNStock market today: Dow, S&P 500, Nasdaq futures rise, bitcoin sinks as roller-coaster week nears end Yahoo Finance
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Stock Market Tumbles On Nvidia, Bitcoin; Walmart, Google Strong: Weekly Review Investor's Business DailyMore swings hit Wall Street, but this time stocks finish higher AP NewsStock market today: Dow, S&P 500, Nasdaq wipe out gains in sharp reversal lower as Nvidia slides Yahoo FinanceCNBC Daily Open: From AI enthusiasm to bubble worries in one day CNBC
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I love it when organizations try and do something good, but don't think things through and end up delivering unintended negative consequences.
Today's case in point: the US Senate and the Federal Reserve, both of whom are looking to reduce high interchange costs, but are unintentionally increasing costs for merchants and sharply boosting the undiscovered fraud rate. Not bad for government work.
Let's start with the Senate, where Sens. Dick Durbin (D-IL) and Roger Marshall (R-KS) have crafted The Credit Card Competition Act of 2022. Its stated goal: reduce the interchange fee that financial institutions and card brands (Visa, MasterCard, Amex, etc.) charge retailers.
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