On January 13, Congress reintroduced the bipartisan Credit Card Competition Act (CCCA), which would force giant credit card companies to compete for business.
The bill was reintroduced by Senators Roger Marshall (R-KS) and Dick Durbin (D-IL) in the Senate, and by Representatives Lance Gooden (R-TX) and Zoe Lofgren (D-CA) in the House.
The reintroduction comes after President Trump posted his support for the Credit Card Competition Act on social media, writing: “Everyone should support great Republican Senator Roger Marshall’s Credit Card Competition Act, in order to stop the out of control Swipe Fee ripoff."
NACS has long encouraged passing the CCCA and responded to the President’s post on X: “Thank you, Mr. President, for supporting Main Street and its customers. We now need Congress to pass the Credit Card Competition Act.”
In remarks made on the Senate floor this week, Senator Durbin said: “Let’s get this done on behalf of consumers and small businesses. This is the time to do it if we’re going to meaningfully address the real expenses families face.” He added that swipe fees “feed into the inflation aspects of this economy.”
“Visa and Mastercard have a virtual death grasp on the credit card network market,” Durbin said. “There is no competition unless the Marshall-Durbin-Welch bill passes.”
“From President Trump endorsing the bill to Senator Durbin making a push for passage on the Senate floor, momentum to finally bring competition to credit card swipe fees is at the highest level we’ve ever seen and is building quickly,” NACS General Counsel and Merchants Payments Coalition Executive Committee member Doug Kantor said. “When Donald Trump, Roger Marshall, Dick Durbin, Lance Gooden and Zoe Lofgren all agree on something, that’s a clear sign that this is a non-partisan issue that impacts American families across the political spectrum. These fees have driven up costs for small businesses and prices for consumers for far too long. The time to pass the Credit Card Competition Act has come.”
Anna Ready Blom, strategic advisor to NACS, said: “The convenience store industry is deeply appreciative of the unwavering leadership of Senators Marshall and Durbin and Representatives Gooden and Lofgren as they reintroduce the Credit Card Competition Act. Swipe fees drive up the cost of every good and service in the United States and it is time for Congress to pass this critical piece of legislation.”
The CCCA is supported by almost 2,000 companies and nearly 300 trade associations as well as a broad group of consumer, labor and pro-competition organizations.
Don’t miss your opportunity to make sure your voice is heard. Join NACS for the upcoming Day on the Hill March 17-18 in Washington, D.C. You can also send emails to your lawmakers voicing your support for the CCCA through our Call to Action portal. The more industry voices that speak out on the issue, the more it increases the likelihood of finally getting a vote and winning that vote. Your participation matters and makes all the difference.
NACS will continue to advocate for the passage of the CCCA and will provide updates as they become available.