The Fox News Rundown Why Washington Is Cracking Down On The Credit Card Industry
Jan 15, 2026
Senator Roger Marshall, a physician and advocate for competition in banking, discusses President Trump’s proposal for a 10% cap on credit card interest rates. He emphasizes the bipartisan Credit Card Competition Act aimed at enhancing market competition. Chris Giancarlo, former chairman of the Commodity Futures Trading Commission, dives into the world of prediction markets like Polymarket, addressing concerns about insider trading and the platform's potential regulations. Their insights shed light on pressing financial reforms and innovative market trends.
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High Card Rates And Large Bank Margins
- Senator Roger Marshall argues credit card companies charge 20–30% interest and have 45–55% net profit margins, calling that predatory.
- He says a temporary 10% cap would relieve struggling families and save roughly hundreds per month.
Force Competition To Cut Swipe Fees
- The Credit Card Competition Act forces banks over $100B in assets to offer a second processor to promote competition.
- Marshall says this competition will drive swipe fees down toward European levels and benefit Main Street.
Swipe Fees Inflate U.S. Prices
- Swipe or interchange fees are charged to retailers at roughly 3–4% per credit transaction in the U.S.
- Marshall contrasts that with Europe (~0.3%) and says U.S. consumers indirectly pay these fees in prices.