Congress Urged to Pass Credit Card Competition Act to Aid Small Businesses

In an era where small businesses strive to optimize every dollar spent, a new piece of legislation could significantly impact their bottom line. The National Federation of Independent Business (NFIB) recently urged Congress to pass the Credit Card Competition Act, a bill aimed at reforming credit card processing and alleviating the financial burdens associated with high swipe fees.

The NFIB, a leading small businesses advocacy group in the U.S., emphasizes these fees have escalated disproportionately, now ranking among the most significant monthly expenses for many small business owners. This legislation, reintroduced by Senators Roger Marshall (R-Kansas) and Dick Durbin (D-Illinois), seeks to foster competition in the credit card processing market.

The bill aims to provide small business owners the flexibility to choose between multiple credit card networks, a right that 92 percent of NFIB members firmly support.

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