Durbin Urges The Senate To Bring His Credit Card Competition Act To The Floor For A Vote

Floor Speech

"Each time a credit card is used--to make a donation to the Red Cross, purchase groceries, fuel, diapers, or anything else--Visa and Mastercard charge a fee. Some of that they keep for themselves, but most is given to the bank that issued the card. Today, Visa and Mastercard control around 80 percent of the credit card market in the United States of America, wielding enormous power over the American economy. Visa and Mastercard set these interchange fees or swipe fees on behalf of thousands of banks, leaving merchants--many of them small businesses and restaurants--without a choice but to accept the outrageous fees. There is no negotiation. There is not competition. And small business owners and consumers face a take it or leave it choice.

It is no surprise that the credit card industry is paying a pretty penny to convince consumers that my bill will take away their credit card rewards. In fact, a new report found that Visa, Mastercard, Wall Street, and the industry trade groups they fund, such as the Electronic Payments Coalition, have spent a combined $51 million lobbying against my bill since 2022. They also have recruited allies, including some in the airline industry, to breathlessly claim that my bill would make frequent flyer rewards programs disappear. United Airlines CEO Scott Kirby recently said that my legislation would, "kill rewards programs.' Let me be very clear: That is a patently false statement.

So let me repeat: My bill is not coming for your rewards. And any effort by the airline industry or big banks to convince you otherwise is just a scare tactic. They are feigning concern for hardworking Americans' interests to protect their bottom line.
And just before Thanksgiving, a diverse group of organizations representing workers, small businesses, and competition advocates launched the "Lower Credit Card Fees Coalition' urging Congress to pass the Credit Card Competition Act. Few things could unite unions, businesses, consumer groups, and a bipartisan group of Senators--this bill does just that. Because it will benefit hardworking Americans.

Far from threatening rewards programs or hurting workers, the bill will benefit Americans who currently are paying the price for the credit card industry's price-gouging schemes. It will give a fighting chance to the small businesses and restaurants we want to see stay open, support the mom and pop shops that make our communities feel whole, and ultimately keep money in the pockets of hardworking Americans. It is time we bring this commonsense, consumer-protecting, bipartisan legislation to the floor for a vote.

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