The National Federation of Independent Business (NFIB) State Director Katie Burns called on Congress to pass the bipartisan Credit Card Competition Act in an op-ed published March 20 in the Arkansas Democrat Gazette. Burns said the legislation would help small businesses by requiring banks to offer more than one credit-card network, potentially lowering fees.
The issue is significant for many small businesses that face high costs from credit card swipe fees. Burns wrote, “In 2023, an Arkansas pest-control business owner shared that swipe fees cost him more than $33,000. While he hasn’t passed those surcharges onto his customers, it’s money he’d rather use on new equipment or in expanded benefits for his employees.”
Burns also said, “Main Street is counting on Congress to pass the bipartisan Credit Card Competition Act. Under this bill, there would be real competition among credit-card networks. Credit-card networks’ fees would drop to retain their customers, easing pressure on Main Street.” She noted that a recent NFIB survey found that 92 percent of its small business owner members believe they should be able to choose which credit-card networks process their transactions.
The National Federation of Independent Business – Arkansas empowers small business owners to shape policy and promote economic growth in their communities, as per the official website. The organization advocates for small and independent businesses through resources, legislative updates and policy support according to its official website. It offers support across all 50 states including dedicated services in Arkansas according to the official website.
NFIB Arkansas also engages in state-level advocacy to advance policies benefiting small businesses according to its official website, and supplies tools, research and compliance guidance as noted on its official site. The group operates as an advocacy organization focused on small business interests according to its official website.
Burns concluded her op-ed by saying lawmakers should act: “Lawmakers should pass the Credit Card Competition Act and give Main Street a fair shot.”
