NFIB is prepared for a Key Vote on the “Credit Card Competition Act,” which could be considered in the U.S. Senate
NFIB is planning a U.S. Senate Key Vote in support of the Credit Card Competition Act of 2023, which was planned to be offered as an amendment to a government funding bill in the Senate. The amendment would require more payment processing networks to be available.
The Senate recently accepted a 45-day federal government funding bill from the House of Representatives. Small business owners have long been concerned with the high costs of credit card swipe fees, but the federal government has done little to address the problem – making this amendment an opportunity to inject competition into the market.
Small businesses pay set processing fees, also known as swipe fees, every time they use their credit cards, and these fees have doubled since 2012. According to a recent NFIB member ballot, 92% of small business owners believe that businesses should have the right to choose between multiple credit card processing networks.
This legislation would help preserve small business owners’ freedom of choice between multiple credit card networks by injecting much-needed competition into the credit card processing market, allowing small business owners to choose the option that is best for their business. Without this legislation, businesses everywhere are subjected to ever-rising swipe fees set by large credit card companies in a closed market, free from competition.
NFIB has long spoken out on the surging costs of swipe fees and prepared the Senate Key Vote to encourage Senators to support the Credit Card Competition Act of 2023. It is sponsored in the U.S. Senate by Sen. Roger Marshall (R-KS), Sen. Dick Durbin (D-IL), Sen. J.D. Vance (R-OH), and Sen. Peter Welch (D-VT) and in the U.S House by Rep. Lance Gooden (R-TX), and Rep. Zoe Lofgren (D-CA).
NFIB is continuing to track this amendment and the stand-alone legislation. Take Action: Write to your members of Congress and tell them how credit card processing fees impact your business.