Joco Today

U.S. Senator Roger Marshall testified before the Senate Judiciary Committee, advocating for the Credit Card Competition Act. The legislation aims to introduce more competition into the credit card market, which is currently dominated by Visa and Mastercard. These companies, along with their Wall Street allies, are accused of controlling swipe fees that significantly impact small businesses and consumers.

Senator Marshall highlighted the burden of these fees on American families, stating, "Swipe fees are inflation multipliers." He pointed out that the average family spends over $1,100 annually on such fees. In comparison to other regions like the EU and China, U.S. swipe fees are considerably higher.

The senator also addressed rising credit card interest rates and late fees, noting that they contribute to a nearly $300 billion annual cost for retailers and consumers combined. He described Visa as operating a virtual monopoly in partnership with Mastercard and several Wall Street banks.

Marshall shared survey results indicating strong public support for the bill: "Over 10,000 people returned the survey...96% of the people on this survey support our credit card bill." Despite significant opposition funding against him and his bill, he remains committed to supporting Main Street businesses over large corporations.

Emphasizing his stance on free-market capitalism with competition, Marshall remarked on American credit card debt reaching an all-time high of over a trillion dollars. He questioned why Congress would allow monopolies to continue profiting at the expense of communities.

In closing his testimony, Senator Marshall urged Congress to prioritize working Americans over monopolistic corporations: "When faced with a choice, I’ll always side with Main Street over Wall Street."