By Terrance Carroll

Work is about more than a paycheck. It is about dignity, stability and the ability to build a life, to provide for family, to contribute to community, and to move forward with purpose.

That is why we should take a closer look at how federal policy decisions, even those made with good intentions, can affect the livelihoods of people across our state.

A bill in the U.S. Senate, the Durbin-Marshall credit card bill, is designed to increase competition and reduce transaction fees — a goal many of us can agree on. But as someone who has spent years working in public service and ministry, I have learned outcomes matter more than intentions, and the unintended consequences of this legislation could fall hardest on the very people it aims to help.

Colorado’s economy depends on people working and on the steady flow of consumer activity that sustains those jobs. Tourism alone supports more than 188,000 jobs across our state. These are not just numbers. They represent our neighbors: the hotel worker in Aurora, the small business owner on the Western Slope, the young person working their way through school in Denver.

Much of that economic activity is connected to travel, and much of that travel is made possible by the financial tools families rely on every day, including credit-card rewards programs.

For many households, especially those living close to the margin, rewards are not about luxury. They are about access. Cashback helps cover essentials. Points and miles help families visit loved ones, pursue opportunities, or simply take a break from the strain of daily life.

These programs also help power the visitor economy. In 2024, frequent-flier miles earned through credit-card partnerships helped bring more than 740,000 domestic visitors to Colorado, generating more than $1.2 billion in economic activity and supporting nearly 9,800 jobs.

If those rewards are diminished, as many analysts suggest could happen under this legislation, the effect will not be theoretical. It will be felt in fewer trips, less spending, and ultimately fewer jobs.

I am also concerned about the broader pattern we have seen when financial systems are disrupted. When revenue streams that support consumer benefits are reduced, institutions often respond by raising fees, limiting access to credit, or scaling back services. Too often, those burdens fall on lower-income families and communities of color.

Colorado has long sought to be a place where opportunity is real and accessible; where hard work is met with a fair chance to get ahead. Policies that inadvertently make it harder for families to manage costs, access credit, or participate in the economy run counter to that vision.

We can pursue competition and consumer protection without undermining the systems that help people stay afloat and move forward. I believe we are called upon to consider not only what certain policies promise, but what they produce. Do they strengthen families? Do they support workers? Do they build up communities? In this case, the risks deserve serious attention because when we talk about economic policy, it is more than just markets or mechanisms.

We are talking about people; therefore, protecting jobs — and the dignity that comes with them — must remain at the center of that conversation. I hope our U.S. Senators will carefully consider the potential negative outcomes of this bill and vote accordingly to protect Colorado’s tourist industry jobs.  

Terrance Carroll is the former speaker of the Colorado House of Representatives, the first African American ever to hold that office in Colorado. He is an attorney and a minister.