@cspanofficial: Sen. Josh Hawley (R-MO) on Tuesday pressed Visa and Mastercard representatives on their profit margins and criticized them for their perceived unwillingness to negotiate lower interchange fees for small businesses like they do for large retailers like Walmart. “This is classic, classic monopolistic behavior. Yet your testimony here today is you don’t want any competition,” he said at a Senate Judiciary Committee hearing on a bill that seeks to create more networks to handle credit card transactions and lower the cost of interchange fees. “You have 80% of the market but you don’t want any more competition,” Sen. Hawley said. “I’m having a hard time finding that position defensible, let alone sympathetic. It’s unbelievable the amount of money you’re making.” #joshhawley #visa #mastercard #creditcards #senate #cspan