President Donald Trump urged support for Kansas Republican Sen. Roger Marshall's bill that would "stop the out of control Swipe Fee ripoff" with credit cards.
In a message posted to Truth Social shortly after midnight, Trump called on Americans to back Marshall's legislation, writing: "Everyone should support great Republican Senator Roger Marshall's Credit Card Competition Act, in order to stop the out of control Swipe Fee ripoff. Roger is a FANTASTIC Senator!!! President DJT."
Early Tuesday morning, Marshall quickly welcomed the endorsement in a post on X, thanking Trump and arguing the current system enriches financial giants at the expense of everyday Americans.
"Big Banks rake in billions from credit card swipe fees — while hardworking Americans pay the price," Marshall wrote. "Let's end these fees and save families thousands."
The debate over so-called swipe fees — charges assessed during card transactions that can ultimately be baked into prices consumers pay — has long pitted retailers and lawmakers against major financial institutions and payment networks.
Marshall and other supporters argue that more competition and transparency would curb costs for merchants and, in turn, help families facing high prices.
Marshall co-sponsored Illinois Sen. Dick Durbin's Credit Card Competition Act of 2023 during the 118th Congress. The bill, which ultimately failed to pass, aimed to reduce high credit card swipe fees by forcing large banks to offer consumers a choice of at least two payment networks for transactions, boosting competition and potentially lowering costs for merchants and consumers.
During a recent appearance on Fox Business, Marshall framed the issue as a fight for Main Street over Wall Street and said market concentration is driving up costs.
"Look, I'm always going to be out here fighting for hard-working Americans. I'm going to be fighting for Main Street over Wall Street," he said, arguing that "two credit card companies work hand in glove; they and about five banks control 80% of this industry."
Because of that, Marshall said, "Americans are paying seven times more for swipe fees."
Marshall also pointed to the broader burden of consumer debt, noting that interest rates and fees can trap families.
"These banks are charging 20 to 30% interest," he said, adding that the "average family back home carries $7,000 of credit from month to month at a 30% interest rate, that's well over $100 a month. That's not fair."
The renewed push comes as Washington is also debating other reforms aimed at easing household credit costs.
Trump has backed the concept of a one-year cap on credit card interest rates — an idea that could reduce borrowing costs for some consumers but may also restrict credit availability and pressure bank profits.
Wall Street analysts said such a move would likely require legislation and faces long odds.
Credit card rates average about 19.65%, according to Bankrate, and that U.S. credit card balances rose to $1.23 trillion at the end of the third quarter ended Sept. 30, according to Federal Reserve data.
Supporters of reforms say the numbers underscore why Congress should take on powerful financial interests and why Trump is putting the weight of his megaphone behind Marshall's effort to shake up the status quo.
Reuters contributed to this report.
Charlie McCarthy ✉
Charlie McCarthy, a writer/editor at Newsmax, has nearly 40 years of experience covering news, sports, and politics.
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