ICYMI: Senator Marshall Slams Wall Street Megabanks and the Visa-Mastercard Duopoly Price Gouging Tactics: Enough is Enough
Washington, D.C. – Today, U.S. Senator Roger Marshall, M.D. delivered a floor speech slamming Visa and Mastercard after their recent announcement that they plan to increase credit card swipe fees which could end up costing Main Street merchants an extra $502 million annually.
On the Senate Floor, Senators Marshall, Durbin (D-IL) and Welch (D-VT) exposed the price gouging tactics that are hurting mom-and-pop shops nationwide and renewed their call to pass their bipartisan Credit Card Competition Act. This legislation would inject competition in the payment processing industry in order to lower costs for consumers and push back against the Wall Street megabanks and Visa-Mastercard duopoly dominating the markets and price gouging Kansans to the tune of over $1,000 per year.
You may click HERE or on the image above to watch Senator Marshall’s full remarks.
Excerpts from Senator Marshall’s remarks below:
“Across Kansas, everyone is feeling the impacts of inflation. Families’ budgets are being stretched to the absolute limit with little room for error, so you can imagine the shock in Kansans’ eyes when I tell them this year they will spend over $1,000 in hidden credit card swipe fees…”
“[Swipe] fees are baked into nearly every purchase you make, whether it’s your morning coffee run, filling up your gas tank, school supplies shopping, or groceries; every time you swipe your card, the Visa-Mastercard duopoly and Wall Street megabanks line their pockets.”
“At a time when Kansans are facing the highest inflation prices in 40 years, small businesses are fighting to keep their costs low while Wall Street plots their next payday- announcing they are doubling down and hiking up their fees on merchants and consumers yet again this fall.”
“In August, I visited Hired Man’s Grocery and Grill in Conway Springs. Hired Man’s Grocery and Grill is run by a wonderful couple, Jenny and Clint. They provide their community with fresh produce and butchered cuts of meat.”
“When I visited with them, they shared with me their challenges- inflation is raising prices for their business and swipe fees are eating away at their profits. In fact, they are paying more in swipe fees than they do for utilities or employee health care.”
“Pigs get fat, hogs get slaughtered- Madam President, Visa, and Mastercard have gotten hoggish on the backs of hard working Americans.”
“The problem is these megabanks have no guardrails- they can play fast and loose with your money because no one can stop them. Sadly, the credit card industry has been enriched by the Covid-19 pandemic that pushed us further into a cashless society.”
“Inflation is impacting every corner of our country, putting the American dream further out of reach for millions. But not Visa, whose CEO even admitted inflation has been ‘positive’ for them.”
“The credit card market is broken, and we have a solution to fix it. The Credit Card Competition Act will level the playing field for merchants by injecting competition into the credit card payment industry.”
“Our legislation forces Visa and Mastercard to come to the table and compete with other companies in the industry, and in doing so, we will drive down costs for merchants and consumers.”
“Our Credit Card Competition Act will lower the cost of doing business for Jenny and Clint in Conway Springs and in turn, lower bills for American consumers at the checkout aisle.”
“My message of hope to the merchants across the country is that help is on the way.”