IL Sen. Durbin pushes to get Credit Card Competition Act across finish line

SPRINGFIELD, Ill. (WAND) – In his final year in office. Illinois Sen. Dick Durbin will try once again to pass his Credit Card Competition Act bill.

The bill will help small businesses by creating more competition in the credit card industry and bringing down swipe fees. Swipe fees are added to purchases by the major credit card companies.

Small businesses must absorb the cost or pass it on to consumers. The fees generally amount to 3-4% of the total bill.

Durbin met with small business owners at Café Moxo in Springfield. Several said the fees charged by credit card companies are second only to utilities.

The bill is cosponsored by Kansas Sen. Roger Marshall.

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