Trump Renews Push to Sign Credit Card Bill

President Donald Trump reaffirmed his pledge to sign the Credit Card Competition Act, which would require large banks to route card transactions over an unaffiliated network.

Updated on Nov. 2, 2026 in Credit Cards

Trump Renews Push to Sign Credit Card Bill

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President Donald Trump renewed his commitment to sign the Credit Card Competition Act at a Nov. 1 rally in Salina, Kan., where he endorsed Sen. Roger Marshall, R-Kan., the bill's lead sponsor. The proposal would require banks with at least $100 billion in assets to allow card transactions to be processed over at least one unaffiliated network.

Why it matters

The bill targets swipe fees, which merchants say are their largest operating expense after labor, and aims to lower costs for consumers. Visa and Mastercard set those fees and limit processing to their own networks, which is the arrangement the legislation seeks to change.

Credit and debit swipe fees reached a record $198.25 billion in 2025, up 80% since the pandemic, with Visa and Mastercard credit swipe fees averaging 2.36% per transaction. The projected $17 billion in annual savings is an estimate, and the extraction does not say when or whether the bill will pass.

The players

Donald Trump

President of the United States, who renewed his pledge to sign the bill and endorsed its lead sponsor at a rally in Salina, Kan.

Roger Marshall

Republican senator from Kansas and lead sponsor of the Credit Card Competition Act, who was endorsed by Trump at a Nov. 1 rally.

Visa and Mastercard

The two dominant card networks, which together control 80% of the U.S. market and set the swipe fees that banks charge merchants.

The details

Sen. Bernie Moreno, R-Ohio, Sen. Cynthia Lummis, R-Wyo., and Sen. Angus King, I-Maine, joined as cosponsors in August, and Rep. Tony Wied, R-Wis., joined the House bill in September, bringing total backers to nine. Vance cosponsored the legislation alongside Marshall while serving in the Senate, and Trump or Vance has called for swipe fee reform nine times.

August 2026: Sens. Moreno, Lummis, and King join as cosponsors.
September 2026: Rep. Tony Wied joins the House bill.
Nov. 1, 2026: Trump endorses Marshall and pledges to sign the bill at a Salina, Kan. rally.

Market Dynamics

The Credit Card Competition Act would require banks with at least $100 billion in assets to allow card transactions over at least one unaffiliated network, alongside Visa or Mastercard. Its renewed presidential backing extends a long-running push to reform swipe fees set by the two dominant networks.

If the bill becomes law, banks above the $100 billion threshold would have to route card transactions over at least one alternative network, potentially changing the fees merchants pay. Cardholders should watch whether any resulting savings are passed on through pricing or rewards, though the extraction does not establish that outcome.

The takeaway

Swipe fees are embedded in the prices consumers pay, so changes to how card transactions are routed could eventually affect everyday costs. Readers tracking credit card policy should follow the bill's progress in Congress.