WASHINGTON, D.C. (Jan. 15, 2026) – U.S. Senator Dick Durbin (D-IL) spoke on the Senate floor today about the impact of high swipe fees on America’s small businesses, and how the bi-partisan Credit Card Competition Act would reinvigorate the credit card interchange market. The Credit Card Competition Act was re-introduced in Congress this week by Senator Roger Marshall, M.D. (R-KS) and Senator Durbin, while President Trump announced his support for the legislation earlier this week, labeling swipe fees as “out of control.”

In his floor speech, Senator Durbin provides examples from two Illinois small business owners and NFIB members on how high swipe fees prevent hiring, hurt business growth, and why it’s time for Congress to take action.

Watch Sen. Durbin’s remarks here.

“I’ll give you examples of some other businesses who wrote to me in relation to this issue. Credit processing fees are crushing businesses, taking up to 4% of credit card sales. Currently this individual who wrote to me said, ‘88% of my sales are by credit card. It has literally become the coin of the realm.’ This individual, Laura, says she owns a coffee shop. ‘My per-ticket amounts are low, roughly five bucks, yet each transaction can take up to 25% in swipe fees to the credit cards. We need competition in the credit card marketplace and options to choose from. Just like small businesses have to compete for customers, credit card companies should have to compete for our business.’ Laura has a coffee and tea business in Elmhurst, Illinois.

“Combined with another source of information from Sesser, Illinois, which is down state southern Illinois, Greg Kelly writes me, with ‘combined with basic processing fees and set monthly access fees, credit card fees can add up to nearly 5% of total transactions.’ Greg writes, ‘this is insane, this prevents hiring and hinders business growth as well as being able to compete. Credit card reform is needed now.’”

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.