Trump and Vance Endorse Credit Card Competition Act

President Donald Trump and Vice President JD Vance have endorsed the Credit Card Competition Act, a long-stalled bill aimed at reducing credit-card swipe fees. The legislation would require major banks to support at least two card networks for every issued card, enabling merchants to select networks with lower transaction fees.

Originally introduced in 2022 by Senators Dick Durbin and Roger Marshall, the bill seeks to challenge the market dominance of Visa and Mastercard. The Trump administration is framing the measure as an affordability issue for American families. Merchant lobbyists are currently coordinating with White House officials to attach the bill to existing legislation following the midterms.

Banking and payment industry lobbyists are opposing the measure, arguing that swipe fees fund consumer rewards programs such as travel points and cash back. These groups have increased meetings with administration officials to warn that the legislation could harm consumers.