A must-pass piece of legislation--the FAA Reauthorization Act of 2024--is now pending on the Senate floor. Sens. Dick Durbin and Roger Marshall have offered the Credit Card Competition Act as an amendment. The amendments and final FAA bill must voted on and passed by Congress before Friday, May 10.
Every time a card is swiped, a Wall Street bank profits off businesses and consumers. That’s because two companies control 80% of the current market, setting the fees charged by all banks that issue their cards, along with the terms for usage — forcing merchants to foot the bill. That means businesses have no choice but to pay non-negotiable fees or incorporate the high swipe fees into the prices consumers pay.
Credit card swipe fees cost the average family over $1,100 every year. The CCCA would ease that burden by saving consumers and merchants at least $16.4 billion a year.
Tell the Senate to support the inclusion of the Credit Card Competition Act as an amendment to the FAA Reauthorization Act today.
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