Lawmakers Reintroduce Credit Card Competition Act Following President’s Endorsement
Senators Roger Marshall (R-KS) and Dick Durbin (D-IL) and Representatives Lance Gooden (R-TX-05) and Zoe Lofgren (D-CA-18) reintroduced the Credit Card Competition Act in the Senate and House after President Donald Trump endorsed the bipartisan legislation that would allow retailers the option to route transactions away from the dominant Visa and Mastercard networks.
President Trump on Jan. 13 tweeted, “Everyone should support great Republican Senator Roger Marshall’s Credit Card Competition Act, in order to stop the out of control Swipe Fee ripoff. Roger is a FANTASTIC Senator,” said President Trump.
Visa and Mastercard currently control about 80 percent of the swipe-fee market and restrict access to alternative networks that could provide lower fees and stronger security, increasing costs for retailers. The CCCA would require large banks to offer at least two unaffiliated payment networks on credit cards, curbing the market dominance of Visa and Mastercard and lowering excessive swipe fees. These fees are merchants’ second-largest cost after labor, and because most businesses cannot absorb them, consumers ultimately pay more at the checkout.
NATSO has long supported the CCCA. NATSO applauds the bill’s reintroduction and urge Congress to act quickly to pass this critical legislation.
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