Durbin Meets With Home Depot CEO To Discuss Swipe Fees
WASHINGTON – U.S. Senate Majority Whip Dick Durbin (D-IL), Chair of the Senate Judiciary Committee, met with Tim Decker, Chair, President, & CEO of The Home Depot, to discuss the impact of credit card swipe fees. Earlier this year, Durbin and U.S. Senator Roger Marshall, M.D. (R-KS) introduced their Credit Card Competition Act , bipartisan legislation that would enhance competition and choice in the credit card network market, which is currently dominated by the Visa-Mastercard duopoly. The legislation is estimated to save merchants and consumers $15 billion each year and this week, Durbin urged the Senate to bring the bill to the floor for a vote. “Visa and Mastercard set the fees on behalf of thousands of banks and tell merchants to take it or leave it. Merchants have no real choice but to accept the outrageous fees,” said Durbin. “In 2022 alone, U.S. merchants and consumers paid $93.2 billion in credit card interchange fees to line the pockets of the