President Trump Endorses Credit Card Competition Act at Wichita Rally
Roger is also the number one champion fighting to protect hardworking Americans and small businesses from predatory credit card companies and out-of-control swipe fees,
President Donald Trump said during an October 19, 2026 rally just outside Wichita, endorsing Sen. Roger Marshall, R-Kan. The Merchants Payments Coalition welcomed President Trump’s latest call to pass the bipartisan Credit Card Competition Act to lower transaction costs for merchants and consumers.
Trump’s remarks marked the sixth time since January that the president has publicly pressed for swipe fee reform. President Trump has made it very clear that he wants the Credit Card Competition Act on his desk, and lawmakers from both parties agree,
MPC Executive Committee member and National Association of Convention Stores General Counsel Doug Kantor said, according to the merchantspaymentscoalition.com report. Kantor added that lawmakers should address a broken payments market where Visa and Mastercard dictate fees that inflate prices for working families.
Legislative Momentum and Bipartisan Senate Support
The Credit Card Competition Act is led in the Senate by Marshall, Dick Durbin, D-Ill., and Peter Welch, D-Vt. Additional backing came in August when Senate Banking Committee members Bernie Moreno, R-Ohio, Cynthia Lummis, R-Wyo., and Angus King, I-Maine, joined as cosponsors. In the House, nine lawmakers now back the legislation, following September cosponsorship from Rep. Tony Wied, R-Wis., alongside lead sponsors Lance Gooden, R-Texas, and Zoe Lofgren, D-Calif.
Administration officials have also thrown weight behind the effort. Vice President J.D. Vance, who previously cosponsored the bill while serving in the Senate, called swipe fee reform an issue close to his heart, praising Marshall for leading the push to make life affordable. Small Business Administration Administrator Kelly Loeffler noted on Fox Business that she remains concerned about transaction charges that fall disproportionately on small enterprises.
Record Swipe Fees Fueling Retail Pressures
U.S. credit and debit card swipe fees have surged 80 percent since the pandemic, reaching a record $198.25 billion in 2025. These charges represent most merchants’ highest operating expense after labor, driving up retail prices by more than $1,200 annually for an average family. Visa and Mastercard transactions in the U.S. currently average 2.36 percent, representing the highest percentage across the industrialized world and standing in sharp contrast to the European Union’s 0.3 percent limit for credit cards and 0.2 percent limit for debit cards.
🔥 @JDVance on @RogerMarshallMD's Credit Card Bill: "He has been the leader on the fight against Wall Street to bring down out-of-control credit card swipe fees, which is going to make life more affordable for everyday Kansans and everyday Americans." pic.twitter.com/dirEZusg3h
Visa and Mastercard control 80 percent of the market, centrally setting rates for issuing banks and restricting transaction processing to their proprietary networks. The proposed legislation would require financial institutions with assets of at least $100 billion to route credit cards over at least one unaffiliated alternative network, such as Star, NYCE, or Shazam. Supporters estimate the resulting market competition will save merchants and consumers $17 billion annually and generate 54,000 retail jobs in the first year.
Frequently Asked Questions About Swipe Fee Reform
What specific changes does the Credit Card Competition Act mandate for major banks?
The bill requires banks holding at least $100 billion in assets to enable credit cards to run on at least one unaffiliated payment network, such as Star, NYCE, or Shazam, rather than routing exclusively through Visa or Mastercard.
How much have transaction costs grown in recent years?
Credit and debit card swipe fees climbed 80 percent since the pandemic, setting a record total of $198.25 billion in 2025.
Which lawmakers lead the legislative push in Congress?
Sens. Roger Marshall, R-Kan., Dick Durbin, D-Ill., and Peter Welch, D-Vt., sponsor the measure in the Senate, while Reps. Lance Gooden, R-Texas, and Zoe Lofgren, D-Calif., lead the effort in the House.
When Congress returns after the election, lawmakers should answer the president’s call and finally bring competition to a broken payments market where Visa and Mastercard dictate huge fees that drive up prices for working Americans,
Kantor said.
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