Lance Gooden
01/13/2026 | Press release | Distributed by Public on 01/13/2026 14:26
Gooden Reintroduces Trump-Endorsed Credit Card Competition Act
WASHINGTON - Today, Congressman Lance Gooden (TX-05) reintroduced the bipartisan, bicameral Credit Card Competition Act (CCCA), legislation to end Wall Street's exploitation of American consumers and small businesses through excessive credit card swipe fees.
For years, Visa and Mastercard have maintained a duopoly over the credit card market, using this control to drive up swipe fees-costs that are ultimately passed on to families at the checkout counter and small businesses struggling to stay afloat.
The CCCA addresses this by requiring the largest banks, those with over $100 billion in assets, to facilitate a second competitive network on each card, promoting competition and reducing the high swipe fees burdening American families and businesses.
The introduction comes in light of President Trump's endorsement of the CCCA on Truth Social last night, expressing the need to "stop the out of control Swipe Fee ripoff."
"Credit card companies have been raking in record profits at the expense of Main Street America. I thank President Trump for fighting for hardworking Americans," said Rep. Gooden.
Additionally, the CCCA:
"The average American household is paying over $1,000 each year on credit card swipe fees, the highest in the world. Right now, just two major credit card companies are setting swipe fees for the nation's largest banks, crushing consumers and small businesses. Our bipartisan Credit Card Competition Act will provide needed relief by fostering competition, lowering prices for everyone. I'm proud to re-introduce this bill with my House and Senate colleagues," said Rep. Lofgren.
"The average American family is being ripped off by Big Banks, who profit billions from swipe fees while hardworking Americans pay the price. It's time to bring real competition to a credit card network market dominated by Visa and Mastercard - and drive down the cost of everyday goods," said Senator Marshall. "The American Dream doesn't work when the system is rigged, and this bill helps level the playing field. I'm grateful to have President Trump's support, and I look forward to working with Senator Durbin to get this across the finish line."
"Americans are struggling with everyday purchases like groceries and gas, and credit card swipe fees inflate those already exorbitant prices," said Senator Durbin. "By bringing real competition to credit card networks, which is currently dominated by the Visa-Mastercard duopoly, we can reduce swipe fees and hold down costs for Main Street merchants and their customers. Let's pass the Credit Card Competition Act as soon as possible."
The bill has received industry support from the Retail Industry Leaders Association (RILA), the National Association of Convenience Stores (NACS), and the National Retail Federation (NRF).
"Competition is at the heart of the American economy - it sparks innovation and gives consumers better prices, products and services. But when it comes to payments, a lack of competition is weighing everyone down. Merchants and consumers alike are feeling the pinch from ever-rising swipe fees. Competition isn't just about the fees, it's about innovation and ingenuity, two bedrocks of the American system that our current payment arena lacks," said Austen Jensen, Senior Executive Vice President, Public Affairs, Retail Industry Leaders Association (RILA). "Addressing the lack of competition must be a key focus on Capitol Hill. It's a rare opportunity for bipartisanship. Passing the Credit Card Competition Act (CCCA) would be a big win for consumers and Main Street businesses across the country and send a powerful message that Wall Street doesn't own Washington."
"We applaud Senators Marshall and Durbin, and Representatives Gooden and Lofgren for their tireless work to deal with the credit card swipe fees that burden working Americans and Main Street by fanning the flames of inflation," MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said. "The average family pays $1,200 more each year to cover these fees by price-fixing the fees. It's time to pass the Credit Card Competition Act to bring fairness and competition to the broken credit card system."
"NRF commends Senators Roger Marshall, R-Kan., and Dick Durbin, D-Ill., and Representatives Lance Gooden, R-Texas, and Zoe Lofgren, D-Calif., for their steadfast leadership in challenging the credit card swipe fee duopoly. The Credit Card Competition Act is essential to leveling the playing field for millions of American businesses that currently lack any control over the non-negotiable fees tied to every card transaction. By fostering much-needed competition, this bipartisan legislation will provide direct relief to both retailers and consumers, ensuring the industry can continue delivering quality products at affordable prices. We urge Congress to move swiftly to pass this bill and protect the American economy from escalating swipe fees," said the National Retail Federation.
Congressman Gooden previously introduced the CCCA in the 117th and 118th Congresses.
Read the bill text here.
For years, Visa and Mastercard have maintained a duopoly over the credit card market, using this control to drive up swipe fees-costs that are ultimately passed on to families at the checkout counter and small businesses struggling to stay afloat.
The CCCA addresses this by requiring the largest banks, those with over $100 billion in assets, to facilitate a second competitive network on each card, promoting competition and reducing the high swipe fees burdening American families and businesses.
The introduction comes in light of President Trump's endorsement of the CCCA on Truth Social last night, expressing the need to "stop the out of control Swipe Fee ripoff."
"Credit card companies have been raking in record profits at the expense of Main Street America. I thank President Trump for fighting for hardworking Americans," said Rep. Gooden.
Additionally, the CCCA:
- Safeguards U.S. payment systems by preventing foreign government-backed or national security-risk networks from qualifying as approved routing options on credit cards.
- Strengthens cybersecurity resilience by ensuring a backup payment network in the event Visa or Mastercard experiences a cyberattack.
"The average American household is paying over $1,000 each year on credit card swipe fees, the highest in the world. Right now, just two major credit card companies are setting swipe fees for the nation's largest banks, crushing consumers and small businesses. Our bipartisan Credit Card Competition Act will provide needed relief by fostering competition, lowering prices for everyone. I'm proud to re-introduce this bill with my House and Senate colleagues," said Rep. Lofgren.
"The average American family is being ripped off by Big Banks, who profit billions from swipe fees while hardworking Americans pay the price. It's time to bring real competition to a credit card network market dominated by Visa and Mastercard - and drive down the cost of everyday goods," said Senator Marshall. "The American Dream doesn't work when the system is rigged, and this bill helps level the playing field. I'm grateful to have President Trump's support, and I look forward to working with Senator Durbin to get this across the finish line."
"Americans are struggling with everyday purchases like groceries and gas, and credit card swipe fees inflate those already exorbitant prices," said Senator Durbin. "By bringing real competition to credit card networks, which is currently dominated by the Visa-Mastercard duopoly, we can reduce swipe fees and hold down costs for Main Street merchants and their customers. Let's pass the Credit Card Competition Act as soon as possible."
The bill has received industry support from the Retail Industry Leaders Association (RILA), the National Association of Convenience Stores (NACS), and the National Retail Federation (NRF).
"Competition is at the heart of the American economy - it sparks innovation and gives consumers better prices, products and services. But when it comes to payments, a lack of competition is weighing everyone down. Merchants and consumers alike are feeling the pinch from ever-rising swipe fees. Competition isn't just about the fees, it's about innovation and ingenuity, two bedrocks of the American system that our current payment arena lacks," said Austen Jensen, Senior Executive Vice President, Public Affairs, Retail Industry Leaders Association (RILA). "Addressing the lack of competition must be a key focus on Capitol Hill. It's a rare opportunity for bipartisanship. Passing the Credit Card Competition Act (CCCA) would be a big win for consumers and Main Street businesses across the country and send a powerful message that Wall Street doesn't own Washington."
"We applaud Senators Marshall and Durbin, and Representatives Gooden and Lofgren for their tireless work to deal with the credit card swipe fees that burden working Americans and Main Street by fanning the flames of inflation," MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said. "The average family pays $1,200 more each year to cover these fees by price-fixing the fees. It's time to pass the Credit Card Competition Act to bring fairness and competition to the broken credit card system."
"NRF commends Senators Roger Marshall, R-Kan., and Dick Durbin, D-Ill., and Representatives Lance Gooden, R-Texas, and Zoe Lofgren, D-Calif., for their steadfast leadership in challenging the credit card swipe fee duopoly. The Credit Card Competition Act is essential to leveling the playing field for millions of American businesses that currently lack any control over the non-negotiable fees tied to every card transaction. By fostering much-needed competition, this bipartisan legislation will provide direct relief to both retailers and consumers, ensuring the industry can continue delivering quality products at affordable prices. We urge Congress to move swiftly to pass this bill and protect the American economy from escalating swipe fees," said the National Retail Federation.
Congressman Gooden previously introduced the CCCA in the 117th and 118th Congresses.
Read the bill text here.
Lance Gooden published this content on January 13, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on January 13, 2026 at 20:26 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]