Durbin, Marshall Reintroduce The Credit Card Competition Act

Durbin, Marshall Reintroduce The Credit Card Competition Act

WASHINGTON - Today, U.S. Senate Democratic Whip Dick Durbin (D-IL) and U.S. Senator Roger Marshall, M.D. (R-KS) reintroduced the Credit Card Competition Act, which will increase competition in the credit card market and put an end to the Visa-Mastercard duopoly that is squeezing small businesses-and, ultimately, consumers. President Trump endorsed the legislation early this morning

Today, Visa and Mastercard control about 85 percent of the credit card market and refuse to negotiate fair terms with Main Street merchants. Currently, the average American family pays nearly $1,200 per year in swipe fees, while banks profit $111.2 billion annually from swipe fees.

"Americans are struggling with everyday purchases like groceries and gas, and credit card swipe fees inflate those already exorbitant prices," said Durbin. "By bringing real competition to credit card networks, which is currently dominated by the Visa-Mastercard duopoly, we can reduce swipe fees and hold down costs for Main Street merchants and their customers. Let's pass the Credit Card Competition Act as soon as possible."

"The average American family is being ripped off by Big Banks, who profit billions from swipe fees while hardworking Americans pay the price. It's time to bring real competition to a credit card network market dominated by Visa and Mastercard - and drive down the cost of everyday goods," said Marshall. "The American Dream doesn't work when the system is rigged, and this bill helps level the playing field. I'm grateful to have President Trump's support, and I look forward to working with Senator Durbin to get this across the finish line."

Senators Durbin and Marshall introduced the Credit Card Competition Act last Congress. The legislation was cosponsored by then-Senator JD Vance (R-OH), and Senators Peter Welch (D-VT), Josh Hawley (R-MO), and Jack Reed (D-RI). This legislation would increase competition in the credit card processing market by requiring large banks with more than $100 billion in assets to enable at least two unaffiliated card networks (including one outside Visa/Mastercard), helping lower swipe fees for small businesses and passing savings on to consumers.

Full text of the legislation can be found here.

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