U.S. Senator Dick Durbin visited Café Moxo in Springfield to meet with local small business owners and discuss his recent bipartisan ‘Credit Card Competition Act.’ The proposal is hoping to increase competition in the credit card market, where Visa and Mastercard currently dominate, while reducing the swipe fees that many merchants say continue to drive up costs for both their business and their customers.

The Credit Card Competition Act would require large banks to offer at least two network options on credit cards, creating competition that supporters say would lower fees and improve transparency. Durbin argues that increased competition would help small businesses keep prices down while easing financial pressure on consumers.

Durbin’s visit focused on how credit card processing fees affect everyday operations for small businesses. Visa and Mastercard control roughly 85 percent of the credit card market, leaving merchants with little ability to negotiate rates. As a result, swipe fees cost the average American family nearly $1,200 each year and generate more than $111 billion annually for banks.

Durbin was joined at the Springfield event by Café Moxo owner Mark Forinash, Cindy Frisina of Legendary Small Town Trading Co., Terry Boulander and Becky Baumgart of Girls in White Satin, and Rob Karr, President and CEO of the Illinois Retail Merchants Association.