There’s no doubt that President Trump’s historic victory in 2024 came in large part because of voters’ dissatisfaction with the Biden Administration’s handling of the economy. The uncertainty that followed historic inflation helped fuel the GOP’s monumental gains, but while things have turned around under President Trump, voters are looking for continued relief.
Recent polls have shown lagging support when it comes to President Trump’s economic agenda. While voters might be happy with the president’s strong actions on tariffs and immigration, they still want to see prices come down. The thing to remember about polls is that they’re just a snapshot, a reflection of a single moment in time. I know President Trump is still vigorously working to reduce costs for everyday Americans, and I’m hoping he’ll continue to do so by working to pass the Credit Card Competition Act (CCCA).
Exorbitant credit card swipe fees have been a burden to Americans for years now, nearly tripling over the last decade thanks to Visa and Mastercard’s iron grip on the payments market. Together, they hold over 80 percent of the market share, blocking any real competition and allowing them to charge higher swipe fees on small businesses. For many companies, swipe fees are the second biggest expense after paying their workers.
The greater the overhead, the more likely a business is to raise prices just to keep the lights on, meaning that ultimately, American families are paying the cost of swipe fees. Thanks to swipe fees, an average family might pay an extra $1,200 a year, bringing yet another unwanted burden to U.S. households at a time when many families are still recovering from Joe Biden’s disastrous handling of the economy.
Small businesses, mom and pop stores, and hardworking families are the backbone of states like mine and all across America, but skyrocketing swipe fees are siphoning money out of our local economies. The CCCA would end this status quo by offering competitive pressure that has long been missing in the payments industry. The CCCA would allow merchants to pick between at least two credit card networks when processing transactions. Visa and Mastercard would be incentivized to lower their fees if they wanted to remain competitive, and American businesses could keep more of their hard-earned profits.
The CCCA is the kind of bill perfectly in line with President Trump’s populist, America First vision. His two White House victories, both in 2016 and 2024, came about because ordinary Americans were tired of being pushed around by Wall Street elitists, which is exactly what is happening when it comes to swipe fees. Voters across the political spectrum want the CCCA to become law, as shown by its overwhelming support in 2024. Supporting the bill, which would give money back to consumers and small businesses, is an easy win for the president and the perfect way to continue delivering for voters with serious economic concerns.
Tiffany Smiley is a former Republican candidate for both U.S. Senate and Congress in Washington State and the founder of the Endeavor PAC, which backs conservative candidates in battleground districts in purple and blue states.
