WASHINGTON, D.C. – U.S. Senate Democratic Whip Dick Durbin (D-IL) today met with Fareway Stores CEO Reynolds Cramer and President Garrett Piklapp to discuss the Senator’s bipartisan legislation, the Credit Card Competition Act, which would enhance competition and choice in the credit card network market that is currently dominated by the Visa-Mastercard duopoly. Companies like Fareway would benefit from the Credit Card Competition Act, which, if enacted, would save merchants and consumers an estimated $17 billion each year.
During the meeting, they also discussed the chaos around President Trump’s tariffs and how they are expected to increase costs of everyday goods, including groceries and food. Yesterday, President Trump announced he was temporarily dropping tariffs to 10 percent for 90 days for most countries. However, the President’s chaos has caused the markets to swing in the last few days. In the week after President Trump’s tariff announcement, the S&P 500 dropped by nearly 19 percent from its last high on February 19—creeping eerily close to bear market territory.
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“Thanks to President Trump’s reckless tariffs, the global economy saw uncertainty and volatility. Now more than ever, we need to pass my Credit Card Competition Act to help Americans afford everyday items like groceries, gas, and housing,” said Durbin. “During our meeting, we discussed how the tariffs will negatively impact Fareway and how we can get my legislation over the finish line to provide some relief.”
