Durbin Attends National Association of Convenience Stores Day on the Hill to Discuss Credit Card Competition Act
WASHINGTON – U.S. Senate Majority Whip Dick Durbin (D-IL) today attended the National Association of Convenience Stores (NACS) Day on the Hill to discuss his Credit Card Competition Act, bipartisan legislation he introduced that if enacted, will help convenience stores and small businesses across the United States. The bill he introduced with U.S. Senator Roger Marshall, M.D. (R-KS) would enhance competition and choice in the credit card network market, which is currently dominated by the Visa-Mastercard duopoly.
“For more than a decade, I’ve been fighting to stop the big banks and credit card giants from ripping off Americans with their high swipe fees. The convenience store industry has been with me every step of the way. And together, we’ve racked up some big wins to rein in these outrageous fees,” said Durbin. “Now it’s time to take the next step and bring real competition to credit cards by passing my bill, which will save merchants and consumers $15 billion each year. I’m thankful to have NACS as a partner in this fight and I look forward to getting my Credit Card Competition Act across the finish line.”
A photo of the event is available here.
In addition to Durbin and Marshall, U.S. Senators Peter Welch (D-VT), J.D. Vance (R-OH), Jack Reed (D-RI), and Josh Hawley (R-MO) are also cosponsors. The bill has support from a wide range of small businesses and consumer groups, as well as key unions including the International Brotherhood of Teamsters and the Service Employees International Union (SEIU).
Building off of debit card competition reforms enacted by Congress in 2010, the Credit Card Competition Act would direct the Federal Reserve to ensure that the largest credit card-issuing banks offer a choice of at least two networks, one of which must be a network other than Visa and Mastercard, over which an electronic credit transaction may be processed.
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