Visa (V) stock dropped 3.7% and Mastercard (MA) sank 3.7% in Tuesday afternoon trading after President Donald Trump rallied support for the Credit Card Competition Act, “in order to stop the out of control Swipe Fee ripoff.”
The bill was originally introduced by Sen. Roger Marshall (R-KS) and Sen. Dick Durbin (D-IL) in the last Congress, and was introduced on Tuesday. “This legislation will increase competition in the credit card market and put an end to the Visa-Mastercard duopoly that is squeezing small businesses — and, ultimately, consumers,” Marshall’s statement said.
Trump’s social media post on the CCCA followed his announcement late Friday that he would cap credit card interest fees at 10% for a year. On Tuesday, House Speaker Mike Johnson (R-LA) said Congress should consider the rate cap.
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