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Sens. Hawley and Reed Co-Sponsor the Credit Card Competition Act

Sens. Hawley and Reed Co-Sponsor the Credit Card Competition Act

Sens. Hawley and Reed Co-Sponsor the Credit Card Competition Act

Support on the Hill grows as Sen. Durbin calls for Visa, Mastercard and others to testify in Congress.

February 15, 2024

U.S. Senate Majority Whip Dick Durbin (D-IL), Chair of the Senate Judiciary Committee and Senator Roger Marshall (R-KS) announced two new co-sponsors to the Credit Card Competition Act: Sens. Josh Hawley (R-MO) and Jack Reed (D-RI).

The pair joins Senators Peter Welch (D-VT) and J.D. Vance (R-OH) in support of the Durbin-Marshall legislation that would enhance competition and choice in the credit card network market.

“The momentum for common sense credit card market reforms continues to grow, and I’m glad Senators Hawley and Reed are joining in their support of our bipartisan legislation. Visa and Mastercard are pushing back hard against our efforts to bring competition to the market, and we look forward to building on our momentum in advance of our April 9th hearing in the Senate Judiciary Committee,” said Durbin.

The bill has support from a wide range of small businesses and consumer groups, including the Merchants Payments Coalition (MPC). The MPC welcomed the announcement that senators Hawley and Jack Reed have become cosponsors of the Credit Card Competition Act, thanking them in a press release.

“This shows that support is growing across the country and across the political spectrum for action that would bring competition to credit card swipe fees,” MPC Executive Committee member and National Grocers Association Chief Government Relations Officer and Counsel Chris Jones said. “We thank Senators Hawley and Reed for supporting Main Street businesses and their customers and look forward to working with them to bring fairness to the credit card market.”

Sen. Reed said “The current duopoly is costing consumers, mom and pop shops, restaurants and retailers more than it should every time a customer uses their credit card. The Credit Card Competition Act is a responsible, bipartisan proposal that aims to curb excessive credit card fees by increasing competition and giving merchants more choice in the payment processing market.”

On February 12, Durbin called on the CEOs of Visa, Mastercard, United Airlines and American Airlines to testify before the Senate Judiciary Committee on April 9 regarding credit card competition.

Bill Weigel, CEO of the convenience store chain Weigel’s, sent a letter to the editor of The Kingsport Times-News in Kingsport, Tennessee, ahead of the hearing urging his senators to support the Credit Card Competition Act.

NACS makes it easy for retailers and suppliers to send a message to their legislators via the NACS Grassroot Portal.

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