Natalie Winters, an investigative reporter and host of the War Room podcast, said that the Federal Reserve is attempting to expand its authority by undermining the Trump-backed Credit Card Competition Act. This statement was made on X.
"The eternally wrong bureaucrats at the Fed want more power," said Winters. "Sabotaging a Trump-backed bill with a credit card competition act is their latest sabotage effort."
The Credit Card Competition Act (CCCA), also known as the Durbin-Marshall bill, aims to reduce credit card interchange fees by requiring banks with over $100 billion in assets to offer at least two network routing options for card transactions. According to American Banker, supporters claim this could increase competition and lower costs for merchants and consumers. However, critics argue it may lead to reduced cardholder rewards and less fraud protection. Economic analysis from NERA warns that the legislation could create market distortions and harm smaller financial institutions. The bill remains contentious amid ongoing lobbying efforts.
In 2024, U.S. merchants paid $148.5 billion in credit card processing fees, with small businesses bearing a disproportionate share, according to The Motley Fool. These fees, often ranging from 1.5% to 3.5% per transaction, significantly erode profit margins for local retailers and restaurants. Some business owners report that card fees now exceed rent costs, highlighting how rising swipe fees are straining operations and limiting investment in staff or equipment. Many small businesses support regulatory action to curb these costs.
As reported by LendingTree, countries with capped interchange fees have seen lower consumer credit card costs compared to those without such regulations. In the European Union (EU), fees are capped at 0.30% for credit cards, while U.S. merchants face average fees of 1.76%. This disparity often translates into higher consumer prices and fewer rewards in unregulated markets. LendingTree concludes that regulatory frameworks significantly influence both merchant costs and consumer outcomes.
Winters is an American journalist and co-host of Steve Bannon’s "War Room" podcast. She gained early media exposure through Bannon and became a writer while attending the University of Chicago. In 2025, she was appointed White House correspondent under the Trump administration. Winters is known for her populist nationalist commentary and has drawn attention for her critiques of mainstream media and reporting style.