U.S. Senators Make Moves to Push Credit Card Reform to a Vote
WASHINGTON, D.C. — The Credit Card Competition Act may see a vote on the floor of Congress after Senators Roger Marshall (R-Kan.) and Richard Durbin (D-Ill.) filed an amendment appending it to larger cryptocurrency bill known as the GENIUS Act.
NACS is urging all industry advocates to contact their Senators and urge them to support the Credit Card Competition Act in the form of the Marshall-Durbin Amendment by sending a pre-drafted email of support, calling their Senators' offices to express support and recruiting their industry friends to take action.
[Related content: Merchants Support Maryland Legislation to Block Swipe Fees on Sales Tax]
The Credit Card Competition Act would require banks with at least $100 billion in assets to enable credit cards to be processed over at least one unaffiliated network like Star, NYCE or Shazam in addition to Visa or Mastercard. If signed into law, the measure is expected to result in competition over fees, security and service that would save merchants and their customers more than $16 billion a year.
The Merchants Payments Coalition (MPC) expressed support for a Senate vote on the act.
"It is time for Congress to deal with the hidden credit card fees driving up the prices of nearly everything we buy," MPC Executive Committee member and NACS General Counsel Doug Kantor said. "Credit card companies are now even putting swipe fees on top of tariffs and pushing up prices even more. Congress needs to pass the Credit Card Competition Act to give Main Street and their customers a fighting chance against out-of-control fees."
Credit and debit card swipe fees have risen 70% since the COVID-19 pandemic and reached a record $187.2 billion in 2024, according to the MPC.
The National Retail Federation (NRF) noted that approving the Credit Card Competition Act as an amendment would provide Congress with an opportunity to ease higher prices from inflation.
"With prices for many goods still high, bringing rising swipe fees under control would help offset those costs and provide important relief for consumers and small businesses alike," NRF Chief Administrative Officer and General Counsel Stephanie Martz said. "Swipe fees are constantly rising, and card networks face nothing to stop them. The Credit Card Competition Act has growing bipartisan support and would bring fairness to our nation's broken credit card market. Stablecoin legislation complements efforts to bring competition to swipe fees and adding the CCCA is a perfect match."
The Senate is expected to vote on the GENIUS Act following the Memorial Day (May 26) recess.