President Donald Trump has renewed his support for legislation filed by Illinois Senator Dick Durbin aimed at increasing competition in the credit card processing market.
The Credit Card Competition Act would require large banks to enable at least two unaffiliated networks and thus lower electronic processing fees.
Durbin urged his colleagues to support the bill during a subcommittee hearing on Tuesday.
President Trump expressed support for the legislation in a social media post backing the bill’s co-sponsor, Kansas Senator Roger Marshall.
The federal legislation is separate from an Illinois law banning swipe fees on taxes and tips.
Enactment of the Illinois Interchange Fee Prohibition Act was postponed to July 1, 2027.
Story from Illinois Radio Network
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