WASHINGTON, Jan. 13 -- Sen. Dick Durbin issued the following press release:
Today, U.S. Senate Democratic Whip Dick Durbin (D-IL) and U.S. Senator Roger Marshall, M.D. (R-KS) reintroduced the Credit Card Competition Act, which will increase competition in the credit card market and put an end to the Visa-Mastercard duopoly that is squeezing small businesses-and, ultimately, consumers. President Trump endorsed the legislation early this morning
Today, Visa and Mastercard control about 85 percent of the credit card market and refuse to negotiate fair terms with Main Street merchants. Currently, the average American family pays nearly $1,200 per year in swipe fees, while banks profit $111.2 billion annually from swipe fees.
"Americans are s...