Sunflower State News

Washington, D.C. – U.S. Senator Roger Marshall, M.D. announced that over 2,000 companies across retail sectors and more than 200 trade associations voiced support for his bill, the Credit Card Competition Act. 

Senators Roger Marshall, M.D. (R-KS), Dick Durbin (D-IL),  J.D. Vance (R-OH) and Peter Welch (D-VT), introduced legislation to protect U.S. Main Street merchants and drive down credit card swipe fees through increasing competition. 

In multiple letters to Congress, merchants, trade associations, small business organizations and more from across the nation signaled their support for this important legislation. 

The letter from almost 2,000 merchants highlights the need for reining in the Visa-Mastercard duopoly and reads in part: 

“On June 8, Visa and Mastercard control over 83 percent of the U.S. credit card market. Unlike in the debit card market, they do not have to compete with any other service provider for merchant business. In fact, they bar their competitors from even having a shot at business with banks that issue their cards. This blocking of competition drives up prices for merchants and consumers, harms security and strangles innovation,” the letter said. 

You may click HERE to read the full letter of support from Companies and Merchants. 

The trade association also sent a letter urging for Congress to pass this legislation, writing in part: 

“While this legislation would benefit all merchants, it is small retailers who are calling for swipe fee reform more than any segment of our industry. Small retailers have the narrowest profit margins and fewest resources and are hit hardest by continuing unjustified increases in swipe fees,” the letter said.

You may click HERE to read the full letter of support from Trade Associations.

The Food Industry Association (FMI) wrote a letter of support for the bill.

“The ‘Credit Card Competition Act’ is not about picking winners or losers – it is about bringing competition, transparency, redundancy, and fairness to a marketplace that has none. Your legislation specifically exempts small and midsize community banks and credit unions, with assets less than $100 billion, to target these reforms to the largest credit card networks and issuers in the country,” the letter said.

You may click HERE to read the full letter from FMI.

The National Federation of Independent Businesses (NFIB) wrote a letter of support for the bill.

“The Credit Card Competition Act of 2023 allows small businesses the ability to choose between at least two credit card network options to route transactions. The legislation will harness the power of competition to give small business owners real choices when it comes to credit card processing networks. In a recent NFIB member ballot, 92% of NFIB members believe that small business owners should have the right to choose among multiple credit card processing networks. Competition will force networks to compete for business the same way that small businesses must compete for customers every day,” the letter said. 

You may click HERE to read the full letter from NFIB.

These letters had nearly 2,000 businesses and 300 trade groups in support for the Credit Card Competition Act. Senator Marshall is proud to stand with Main Street businesses and introduce this legislation. 

Original source can be found here.