Trump Renews Push for Credit Card Competition Act
Trump is again urging Congress to pass a bill that targets card routing rather than fees. Passage is unconfirmed, and banks are lobbying against it.
The Credit Card Competition Act is a routing mandate, not a swipe-fee cap, and Trump's renewed push leaves passage unconfirmed. Under Senate Bill 3623, cards from major banks would have to support at least two card networks, but banks and payment lobbyists contest it while the Merchants Payments Coalition amplifies the White House line.
The Ledger Desk · 3 min read- PYMNTS reported on Oct. 9, 2026, citing a Wall Street Journal report from Thursday, Oct. 8, that Trump continues to urge Congress to pass the Credit Card Competition Act.
- The bill, Senate Bill 3623 in the 119th Congress, would require cards issued by major banks to support at least two card networks. It regulates routing, not price.
- The White House figure of $1,200 a year in household swipe-fee costs comes from a spokeswoman's statement as relayed by PYMNTS. It is a political claim that this piece has not verified.
- PYMNTS reports that banks and payment lobbyists have also met White House officials and members of Congress, so the outcome is unsettled.
- Watch whether merchant lobbyists succeed in attaching the bill to existing legislation, since PYMNTS says they are seeking that route.
President Donald Trump continues to urge Congress to pass the Credit Card Competition Act, according to PYMNTS on Oct. 9, 2026, which cited a Wall Street Journal report from Thursday, Oct. 8 (s1). The bill would require any card issued by major banks to support at least two card networks. That is a change to who controls routing, not a price control, and the distinction decides what merchants and issuers should expect.
What the bill changes
The bill regulates routing, not price. PYMNTS describes it as requiring any card issued by major banks to support at least two card networks, and the bill is listed as Senate Bill 3623 in the 119th Congress (s1, s2). Nothing in that description sets a ceiling on interchange. Any merchant saving would therefore depend on a credible, cheaper network being available at the point of sale, which is a market outcome rather than a statutory one.
Where the political fight stands
The fight is live on both sides. PYMNTS reports that merchant lobbyists have increased their efforts in recent weeks by meeting White House officials and seeking to attach the bill to existing legislation (s1). It also reports that banks and payment lobbyists have met White House officials and members of Congress, and that 11 banking and credit union groups sent a joint letter in January urging lawmakers to reject the bill (s1).
Claims to treat with caution
The headline savings figure is a political claim, not a measured outcome. PYMNTS quotes White House spokeswoman Taylor Rogers saying the bill would save families from hidden swipe fees that cost households $1,200 a year (s1). PYMNTS does not independently verify that number, and this piece has not either. Treat it as the administration's assertion until a primary dataset or regulator document supports it.
What to watch next
Passage is unconfirmed, so the route to a vote matters as much as the count of supporters. PYMNTS says merchant lobbyists are seeking to attach the bill to existing legislation (s1). Watch for a committee markup or a must-pass vehicle, and for any change to what counts as a major bank. Acquirers and processors would be the first to see any routing effect in merchant pricing, so scenario planning is reasonable now.
- What would the Credit Card Competition Act require?
- According to PYMNTS, it would require any card issued by major banks to support at least two card networks. That changes who can route a transaction, not what interchange is permitted to be.
- Does the bill cap swipe fees?
- The description in the PYMNTS report mentions no fee cap. Any saving would depend on merchants having a cheaper network to route to, so the White House savings figure remains an unverified claim.
- Is the bill likely to become law?
- That is unconfirmed. Trump's backing and merchant lobbying help it, but PYMNTS reports that banks and payment lobbyists are also lobbying White House officials and Congress.