WASHINGTON, D.C. (Nov. 10, 2025) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, issued the following statement from Vice President of Federal Government Relations Jeff Brabant regarding the Visa and Mastercard anti-trust settlement:

“While any relief is welcome to small businesses who have been taken advantage of for too long by Visa, Mastercard, and the big banks, this ‘settlement’ – like its previous version – is not good enough. As long as the current anti-competitive rate-setting regime remains in place, small businesses will continue to get gouged on swipe fees. The current system, where Visa and Mastercard set the interchange fee that every small business pays to every bank, amounts to price fixing and must be reformed to allow the free market and real competition to set the interchange rates.”

NFIB urges Congress to pass the Credit Card Competition Act, which would allow small business owners to choose between multiple credit card network options. Ninety-two percent of NFIB members believe that small business owners should have the right to pick among multiple credit card processing networks.

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For over 80 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses, and remains so today. For more information, please visit nfib.com.