Durbin Discusses Credit Card Competition Act With National Retail Federation
WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL) today met with Illinois members of the National Retail Federation (NRF) to discuss his bipartisan legislation, the Credit Card Competition Act. The legislation would enhance competition and choice in the credit card network market that is currently dominated by the Visa-Mastercard duopoly. Building off of debit card competition reforms enacted by Congress in 2010, the bill would direct the Federal Reserve to ensure the giant credit card-issuing banks offer a choice of at least two networks over which an electronic credit transaction may be processed. If enacted, the legislation would save merchants and consumers an estimated $15 billion each year.
In their meeting, Durbin and the NRF members also spoke about President Trump’s latest round of tariffs that needlessly alienate the U.S.’ trade partners and will harm American businesses and consumers. Last night, Durbin voted in support of a resolution sponsored by U.S. Senator Tim Kaine (D-VA), that repeals President Trump’s fraudulent emergency declaration that he used as a justification to place tariffs on Canada. That resolution passed 51-48, with four Republican Senators joining all Democrats in support.
“Today, I sat down with Illinois small business owners and members of the National Retail Federation,” said Durbin. “I heard directly from them about their concerns on the Trump Administration’s haphazard and thoughtless approach to instituting tariffs on our critical trade partners. As President Trump’s tariffs cause uncertainty for Illinois business owners, consumers, and workers, I will continue to push back against harmful economic policies coming from the White House, including continuing to advocate for my Credit Card Competition Act, which would lower prices for small businesses and consumers.”
Photos of the meeting are available here.
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