Every time a card is swiped, a Wall Street bank profits off businesses and consumers. That’s because two companies control 80% of the current market, setting the fees charged by all banks that issue their cards, along with the terms for usage — forcing merchants to foot the bill. That means businesses have no choice but to pay non-negotiable fees or incorporate the high swipe fees into the prices consumers pay.

Big banks are working to raise credit card swipe fees even higher, which will only make it more challenging for businesses — especially small businesses — to expand, hire new employees and lower prices at a time of high inflation. It’s time for Congress to act.

The bipartisan Credit Card Competition Act will infuse competition into the marketplace by simply requiring there be at least two competing processing networks enabled on each credit card. These reforms have the potential to save American businesses and consumers an estimated $16.4 billion per year.

Tell Congress to stand up for Main Street over Wall Street and support the Credit Card Competition Act.