Lofgren, Gooden Reintroduce Bipartisan Bill to Lower Americans' Credit Card Swipe Fees
WASHINGTON, DC – Today, Congresswoman Zoe Lofgren (D-CA) and Congressman Lance Gooden (R-TX) re-introduced the Credit Card Competition Act. The Senate companion bill is being led by Senate Minority Whip Dick Durbin (D-IL) and Senator Roger Marshall (R-KS).
"The average American household is paying over $1,000 each year on credit card swipe fees, the highest in the world. Right now, just two major credit card companies are setting swipe fees for the nation's largest banks, crushing consumers and small businesses. Our bipartisan Credit Card Competition Act will provide needed relief by fostering competition, lowering prices for everyone. I'm proud to re-introduce this bill with my House and Senate colleagues," said Rep. Lofgren.
“Credit Card companies have been raking in record profits at the expense of Main Street America. I thank President Trump for fighting for hardworking Americans,” said Rep. Gooden.
“Americans are struggling with everyday purchases like groceries and gas, and credit card swipe fees inflate those already exorbitant prices,” said Sen. Durbin. “By bringing real competition to credit card networks, which is currently dominated by the Visa-Mastercard duopoly, we can reduce swipe fees and hold down costs for Main Street merchants and their customers. Let’s pass the Credit Card Competition Act as soon as possible.”
“The average American family is being ripped off by Big Banks, who profit billions from swipe fees while hardworking Americans pay the price. It’s time to bring real competition to a credit card network market dominated by Visa and Mastercard — and drive down the cost of everyday goods,” said Sen. Marshall. “The American Dream doesn’t work when the system is rigged, and this bill helps level the playing field. I’m grateful to have President Trump’s support, and I look forward to working with Senator Durbin to get this across the finish line.”
Lofgren and Gooden previously introduced this legislation in June 2023. It has been endorsed by a wide coalition of consumer protection groups, labor unions, small business associations, and President Trump.
Click here for the bill text, or read the one-page explainer here.
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