Trump Backs Marshall’s Bill to ‘Stop Swipe Fee Ripoff’ Amid Claims Banks Charge 7x More

By Charlie McCarthy | Tuesday, January 13, 2026

President Donald Trump urged support for Kansas Republican Senator Roger Marshall’s bill that would address what he called the “out of control swipe fee ripoff” with credit cards. In a message posted to Truth Social shortly after midnight on Tuesday, Trump endorsed Marshall’s legislation, stating: “Everyone should support great Republican Senator Roger Marshall’s Credit Card Competition Act in order to stop the out of control Swipe Fee ripoff. Roger is a FANTASTIC Senator!!! President DJT.”

Marshall quickly welcomed Trump’s endorsement on X, thanking him and emphasizing that current credit card swipe fees disproportionately burden everyday Americans. “Big Banks rake in billions from credit card swipe fees — while hardworking Americans pay the price,” Marshall wrote. “Let’s end these fees and save families thousands.”

The debate over swipe fees—charges assessed during card transactions that can be passed on to consumers—has long divided retailers, lawmakers, and major financial institutions. Marshall and his supporters contend that increased competition and transparency would reduce costs for merchants and households.

Marshall co-sponsored Illinois Senator Dick Durbin’s Credit Card Competition Act of 2023 during the 118th Congress. The bill, which did not pass, aimed to require large banks to offer consumers at least two payment network choices per transaction, fostering competition and potentially lowering fees for businesses and consumers.

During a recent Fox Business interview, Marshall framed the issue as a battle between Main Street and Wall Street, asserting that market concentration drives up costs. “Look, I’m always going to be out here fighting for hard-working Americans,” he said. “I’m going to be fighting for Main Street over Wall Street.” He claimed that two major credit card companies, in conjunction with approximately five banks, control 80% of the industry.

Marshall added that this dominance leads to significantly inflated swipe fees: “Americans are paying seven times more for swipe fees.” He also highlighted the growing burden of consumer debt, noting that high interest rates and fees can trap families. “These banks are charging 20 to 30% interest,” he said. “The average family carries $7,000 in credit from month to month at a 30% interest rate—well over $100 a month. That’s not fair.”

The renewed push for reform coincides with Washington’s broader efforts to address household credit costs. Trump has also supported the idea of a one-year cap on credit card interest rates, though Wall Street analysts note such measures would require legislation and face significant hurdles.

According to Bankrate, average credit card rates stand at 19.65%, while U.S. credit card balances reached $1.23 trillion as of the end of Q3 2025, per Federal Reserve data.

Supporters argue these figures underscore the urgency for Congress to act against powerful financial interests and highlight Trump’s backing of Marshall’s initiative to disrupt the current industry structure.