FOR IMMEDIATE RELEASE
Contact: J. Craig Shearman
(202) 257-3678 craig@shearmancommunications.com
WASHINGTON, Sept. 21, 2026 — The Merchants Payments Coalition today welcomed President Donald Trump’s pledge to pass the Credit Card Competition Act “as soon as possible,” a move that marks the administration’s strongest support yet for the bipartisan legislation.
The promise came in a video posted on social media endorsing Sen. Roger Marshall, R-Kan., the lead sponsor of the bill, for working to bring down credit card swipe fees that drive up prices for consumers by an average of at least $1,200 a year.
“He’s also been a champion of a bill we’re going to pass as soon as possible — it’s going to happen quickly — to eliminate out-of-control credit card swipe fees, saving the typical family up to $2,000 a year,” Trump said. “It’s a big deal.”
“President Trump has now endorsed the Credit Card Competition Act four times, and his call for action has become more urgent each time,” MPC Executive Committee member and National Association of Convention Stores General Counsel Doug Kantor said. “He’s not just saying Congress should pass it — he’s saying Congress will pass it and will pass it soon. This has become a key part of bipartisan efforts by the administration and members of Congress across the political spectrum to restore affordability to the American people. When lawmakers from Senators Dick Durbin and Peter Welch to President Trump and Vice President Vance can agree on something, the message is clear that it’s time to act.”
Trump first addressed swipe fees in January, saying the bipartisan CCCA is needed “to stop the out of control Swipe Fee ripoff” and then making similar remarks in August. At the Republican midterm convention earlier this month, he went further, saying “We will cut out-of-control credit card swipe fees, saving the average family at least $1,200 per year.” By saying the bill will be passed soon, he has now added a timeline to the commitment.
In addition to Trump’s remarks, Vice President J.D. Vance, who cosponsored the CCCA with Marshall while a member of the Senate, last week called swipe fee reform “an issue that’s close to my heart.” He said Marshall “has been the leader in the fight against Wall Street to bring down out-of-control credit card swipe fees, which is going to make life affordable for everyday Kansans and everyday Americans.”
Elsewhere in the administration, Small Business Administration Administrator Kelly Loeffler said she is concerned about “fees that fall disproportionately on small businesses” when asked about swipe fees recently on Fox Business.
The CCCA has growing support in Congress, where Senate Banking Committee members Sens. Bernie Moreno, R-Ohio, and Cynthia Lummis, R-Wyo., plus Sen. Angus King, I-Maine, became cosponsors in early August. The three joined existing sponsors Marshall, Dick Durbin, D-Ill., and Peter Welch, D-Vt. Last week, Rep. Tony Wied, R-Wis., became the latest House cosponsor, bringing the number of House backers to nine, led by Reps. Lance Gooden, R-Texas, and Zoe Lofgren, D-Calif.
Credit card and debit card swipe fees have risen 80% since the pandemic and hit a record $198.25 billion in 2025. They are most merchants’ highest operating cost after labor, driving up prices by more than $1,200 a year for the average family, with some estimates higher.
Swipe fees for U.S. Visa and Mastercard credit cards average 2.36% of the transaction, which is the highest percentage in the industrialized world and compares with a limit of 0.3% for credit cards and 0.2% for debit cards in the European Union.
The fees are rising because of lack of competition. Visa and Mastercard, which control 80% of the market, each centrally set the swipe fee rates charged by all banks that issue cards under their brands and also restrict processing to their own networks. The CCCA would address that by requiring 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. The measure is expected to result in competition over fees, security and service that would save merchants and their customers $17 billion a year and result in the gain of 54,000 retail jobs in the first year alone.
About MPC
The Merchants Payments Coalition represents retailers, supermarkets, convenience stores, gasoline stations, online merchants and others fighting for a more competitive and transparent card system that is fair to consumers and merchants. Follow MPC on Twitter, Facebook or LinkedIn for the latest on swipe fees.
