Merchant lobbyists who support the bill have stepped up their efforts to get it passed in recent weeks by meeting with White House officials and seeking to add it to an existing piece of legislation, according to the report.
Banks and payment lobbyists who oppose the bill have also been meeting with White House officials and members of Congress, the report said.
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Trump promoted the Credit Card Competition Act in a January social media post, and Vice President JD Vance co-sponsored the bill when he was a senator, per the report.
White House spokeswoman Taylor Rogers said in the report: “President Trump has been clear: Pass the Credit Card Competition Act and save American families from hidden swipe fees that cost households $1,200 a year. He continues to urge Congress to meet this moment, put Main Street over Wall Street, and get this legislation to his desk.”
Sen. Roger Marshall (R-Kansas), sponsor of the Credit Card Competition Act, shared a link to the WSJ report in a Thursday post on X and said: “My bipartisan piece of legislation strikes at the heart of Wall Street and the credit card companies gouging Americans with absurd fees. If passed, this bill lowers the cost of living for every American, on every purchase, overnight.”
Convenience and fuel retailing trade association NACS shared a link to the report in a Thursday post on X, repeating part of Rogers’ statement and adding: “We couldn’t agree more!”
The Merchants Payments Coalition also shared Rogers’ statement and a link to the article in a Thursday post on X.
PYMNTS reported Aug. 10 that the Credit Card Competition Act gained new Senate support, with Sens. Angus King (I-Maine), Cynthia Lummis (R-Wyoming) and Bernie Moreno (R-Ohio) signing on as co-sponsors of the bill.
In January, PYMNTS reported that 11 banking and credit union groups sent a joint letter to members of Congress, urging lawmakers to reject the Credit Card Competition Act.
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