Durbin, Marshall, Welch Call for Passage of their Credit Card Competition Act

Statement

"American consumers today are concerned about inflation and the high prices of groceries and gas. What they may not know is that the fees charged by Visa and Mastercard when they use their credit card, known as swipe fees, are adding to this problem. Merchants have no choice but to accept the outrageous fees if they want to accept credit cards used by their customers. Our bipartisan legislation, which has the support from a wide range of small business owners, would inject real competition in the credit card market. It is long overdue for Congress to break up the sweetheart deal that Visa, Mastercard, and the big banks enjoy. We must bring the bipartisan Credit Card Competition Act to the floor for a vote."

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