U.S. Sens. Roger Marshall (R-KS) and Dick Durbin (D-IL) reintroduced the Credit Card Competition Act this week following an endorsement of the bill by President Donald Trump.
The bill, first introduced in 2022, seeks to increase competition in the credit card market and put an end to the Visa-Mastercard duopoly. Visa and Mastercard currently control about 85 percent of the credit card market.
“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,” Marshall said. “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.”
Specifically, the 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. This would help to lower swipe fees for businesses and pass savings on to consumers, the senators said.
“Americans are struggling with everyday purchases like groceries and gas, and credit card swipe fees inflate those already exorbitant prices,” Durbin said. “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 legislation was reintroduced again in the last Congress, but failed to advance.
Trump voiced his support for the Credit Card Competition Act on Truth Social this week, posting that “everyone should support great Republican Senator Roger Marshall’s Credit Card Competition Act.”