Sen. Roger Marshall, R-Kan., said on Newsmax Wednesday that Senate action aimed at the credit card industry is moving on two tracks, pairing a bipartisan push to break up what he called a payments duopoly with President Donald Trump’s call for a temporary 10% cap on credit card interest rates that Marshall argued would put immediate cash back into struggling household budgets.
Marshall appeared on Newsmax's "Rob Schmitt Tonight" as he and Sen. Dick Durbin, D-Ill., reintroduced the Credit Card Competition Act, legislation the senators say would increase competition in card processing and put pressure on the fees merchants pay on card transactions.
Marshall framed the effort as one of two ways lawmakers and the White House are trying to lower costs associated with consumer debt.
He said a separate Senate bill would aim to lower the price of everyday items such as gas and groceries by 1% or 2%, while the president’s plan to cap credit card interest at 10% would reduce monthly payments for families carrying balances.
Marshall argued that market power, not ordinary competition, is driving costs.
He said "two credit card companies" are "working hand in glove" with "five or six" Wall Street banks and control more than 80% of the industry, allowing fees of "3 to 4%" on purchases on top of interest rates he described as 20% to 30%.
He contrasted that with fees he said are about "0.3%" in the European Union.
The Marshall-Durbin bill targets what both senators describe as the Visa-Mastercard "duopoly."
In a joint announcement dated Jan. 13, Marshall’s office said Visa and Mastercard control about 85% of the credit card market.
The release said the average American family pays nearly $1,200 a year in swipe fees and that banks profit $111.2 billion annually from those fees.
The senators’ proposal would require large banks with more than $100 billion in assets to enable at least two unaffiliated card networks, including one outside Visa and Mastercard, a change supporters say would give merchants more routing options and lower processing costs that can feed into consumer prices.
Marshall, pressed on criticism that a one-year 10% interest cap would interfere with the market, pointed to borrowers he said cannot wait for textbook competition to work.
He cited a single mother making $40,000 a year and carrying $7,000 in revolving credit card debt, saying a drop to 10% could save about $150 a month, money he said could cover a utility bill.
He also called the current structure "predatory lending for all practical purposes."
Trump publicly backed the Credit Card Competition Act on Truth Social, Marshall’s office said, and he separately said he supports a temporary 10% cap on credit card interest rates.
"Let's give some relief to those hard-working families," he said.
GET TODAY NEWSMAX+:
NEWSMAX is the fastest-growing cable news channel in America with more than 30 million people watching!
Reuters Institute reports NEWSMAX is one of the top news brands in the U.S.
You need to watch NEWSMAX today.
Get it with great shows from Rob Schmitt, Greta Van Susteren, Greg Kelly, Carl Higbie, Rob Finnerty – and many more!
Find the NEWSMAX channel on your cable system – Go Here Now
BEST OFFER:
Sign up for NEWSMAX+ and get NEWSMAX, our streaming channel NEWSMAX2 and our military channel World at War.
Find hundreds of shows, movies and specials.
Even get Jon Voight’s special series and President Trump’s comedy programs and much more!
Watch NEWSMAX+ on your smartphone or home TV app.
Watch NEWSMAX anytime, anywhere!
Start your FREE trial now: NewsmaxPlus.com
Jim Thomas ✉
Jim Thomas is a writer based in Indiana. He holds a bachelor's degree in Political Science, a law degree from U.I.C. Law School, and has practiced law for more than 20 years.
© 2026 Newsmax. All rights reserved.