Press ReleaseMay 2, 2024

JCN Supports Adding Credit Card Reform to FAA Reauthorization

Washington, D.C. (May 2, 2024)—On Thursday, sponsors of the Credit Card Competition Act moved to hitch the legislation onto the Federal Aviation Administration (FAA) reauthorization package. The bipartisan bill would help to address the ballooning credit card “swipe fees” small businesses are forced to pay every time a customer makes a purchase using a credit card. 

The payments arena is currently dominated by Visa and Mastercard, which leverage their duopoly market position to absorb more than $100 billion annually from the scheme. Fostering more free market competition is a proven strategy that will lower costs for Main Street.

Alfredo Ortiz, CEO of the Job Creators Network, released the following statement:

“Small businesses across the country are plagued by high credit card ‘swipes fees’ that often account for the second highest operating expense behind labor costs. The disease is compromising the ability of Main Street to grow and provide more economic opportunity in communities across the country. Congress should get credit card reform over the finish line in whatever way possible. More competition is exactly what the doctor ordered.”