WASHINGTON, Jan. 13 -- Sen. Roger Marshall issued the following press release:
On Tuesday, Senator Roger Marshall, M.D. (R-Kansas) and Senator Dick Durbin (D-Illinois) reintroduced the Credit Card Competition Act, which was endorsed by President Trump early this morning. This legislation 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.
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.
"The average...