Senator Dick Durbin of Illinois has announced he will not seek re-election at the end of his term, concluding a lengthy career in the U.S. Senate. This announcement comes amid ongoing debate over his sponsorship of the Credit Card Competition Act. The statement was made on YouTube.
"I'm announcing today that I will not be seeking re-election at the end of my term," said Durbin, according to YouTube. "The people of Illinois have honored me with this responsibility."
The Credit Card Competition Act, introduced by Senators Durbin and Roger Marshall, aims to enhance market competition by mandating that large credit card-issuing banks provide at least one alternative network to Visa or Mastercard for processing transactions. According to the American Bankers Association (ABA), major financial groups, including the ABA and the Electronic Payments Coalition, strongly oppose this measure, arguing it would reduce consumer rewards and compromise payment security. Visa and Mastercard have also criticized the bill, warning of diminished consumer protections and innovation. As of April 2025, the proposal remains stalled in Congress amid intense lobbying from both supporters and detractors.
A 2024 report by NERA Economic Consulting suggests that the Credit Card Competition Act could lead U.S. credit card issuers to lose up to $15 billion annually in interchange fee revenue. The analysis indicates this loss is due to merchants gaining the ability to route transactions through lower-cost networks, thereby pressuring fees. NERA also notes that issuers may scale back rewards programs and other consumer perks to compensate for these losses, potentially reducing cardholder value.
The International Center for Law & Economics reports that Australia's experience with credit routing mandates following regulatory reforms by the Reserve Bank led to a marked decrease in credit card rewards. Banks in Australia responded to lower interchange revenues by reducing or eliminating reward programs, especially on premium and co-branded cards. This has prompted many Australian consumers to seek out other forms of payment that offer greater value or incentives.
According to his official Senate biography, Senator Durbin has represented Illinois in the U.S. Senate since 1997 after serving in the House of Representatives from 1983 to 1997. He currently serves as the Senate Majority Whip and chairs the Senate Judiciary Committee. Throughout his career, Durbin has focused on consumer protection, immigration, and judicial reform. In April 2025, he announced he will retire at the end of his term in 2026.