After a 2023 attempt stalled in committee, US Senators Marshall and Durbin have reintroduced the Credit Card Competition Act with the backing of President Donald Trump.
US President Donald Trump has called for support for the Credit Card Competition Act, in a post on his platform TruthSocial on January 13.
The most recent post follows one on January 10, in which the President called for a one-year cap on credit card interest rates, proposing a maximum of 10%.
Building on this suggestion, Republican Senator Roger Marshall and Democratic Senator Dick Durbin reintroduced the Credit Card Competition Act.
The bill is designed to increase competition in the credit card market and challenge the dominance of Visa and Mastercard. According to Marshall, the average American family is being “ripped off by Big Banks, who profit billions from swipe fees while hardworking Americans pay the price.”
He added: “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.” He also went on to express his gratitude for Trump’s support.
Durbin’s comments followed a similar rhetoric, highlighting the impact on everyday consumers.
“Americans are struggling with everyday purchases like groceries and gas, and credit card swipe fees inflate those already exorbitant prices,” he said. “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.”
In a press release, Marshall’s office highlighted Visa and Mastercard control roughly 85% of the credit card market and are accused of refusing to negotiate fair terms with Main Street merchants. It also reported the average American family pays nearly $1,200 per year in swipe fees, while banks earn $111.2bn annually from these charges.
Trump’s history of accelerating legislation
Trump has a history of pushing bills he supports through Congress at an accelerated pace, with his public endorsement of the Credit Card Competition Act following previous interventions where his direct backing created political momentum and urgency.
The proposal, which calls for greater competition in the credit card market and a reduction in swipe fees, has already seen some pushback from the banking sector. Industry groups warned measures such as a 10% interest cap could restrict credit access, potentially harming families and small businesses which rely on credit cards.
Speaking to Payment Expert earlier this week, Radi El Haj, CEO at RS2, said a 10% cap would represent a “fundamental shift” in the economics of card issuing and predicted it could have huge impacts not just banks but disrupt fintechs attempting to innovate.
It’s also worth noting this isn’t the first time the Credit Card Competition Act has been introduced. The 2023 version of the bill stalled immediately after being referred to the Senate Committee on Banking, Housing, and Urban Affairs.
According to the official congressional record, the bill, introduced on June 7 2023, was read twice and then quietly shelved. There were no hearings, markups, amendments, votes, or floor action and it remained permanently at the “Introduced” stage.
However, past experience shows Trump’s endorsement can outweigh any concerns thrown a bill’s way.
The Genius Act, passed in June 2025, is a clear example. By publicly prioritising the legislation, coordinating White House and congressional efforts and repeatedly stating it is key to US leadership in digital assets, Trump helped accelerate its passage.
