WASHINGTON, D.C. (Oct. 3, 2022) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, today sent letters of support for H.R. 8874 and S. 4674, both known as the Credit Card Competition Act of 2022. These identical pieces of legislation, introduced in the U.S. House of Representatives and the U.S. Senate, would promote the freedom of choice, and allow small businesses the ability to choose between at least two credit card network options to process transactions.
“The Credit Card Competition Act of 2022 would inject much-needed competition into the credit card processing market by allowing small businesses the freedom to choose between multiple processing networks,” said Jeff Brabant, NFIB Director of Federal Government Relations. “This legislation injects competition into the credit card processing market and reins in rapidly rising ‘swipe fees’ charged to small businesses that accept credit cards. It will harness the power of competition to give small business owners real choices when it comes to credit card processing networks. This competition will force networks to compete for business the same way that small businesses must compete for customers every day.”
View and download a PDF of the letter to the U.S. House of Representatives here.
View and download a PDF of the letter to the U.S. Senate here.