Durbin Statement on Visa & Mastercard Settlement with U.S. Merchants to Address Excessive Swipe Fees

Statement

“At a time when hard-working Americans and small business owners are struggling with higher costs of everyday essentials like gas and groceries, reducing the cost of swipe fees should be welcome news. However, I fear that this deal only provides temporary concessions negotiated by a few lawyers behind closed doors.

Today’s news solidifies that it is time to pass my bipartisan, bicameral legislation—the Credit Card Competition Act—to enhance competition between credit card networks and ultimately lower costs for small businesses and consumers. We need to bring real competition to the credit card industry. My bill ensures that the Visa-Mastercard duopoly ends their price gouging tactics that disproportionately hurt American families and small businesses.”

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