CJ Pearson, co-chair of the GOP Youth Advisory Council, has emphasized the importance of reducing swipe fees as a crucial measure for small business relief through the GENIUS Act. This statement was made on X.
“Credit card swipe fees are the number two expense for many businesses,” said Pearson. “We finally have a chance to do something about it. The Marshall-Durbin amendment to the GENIUS Act will address these crazy fees. It’s time the Senate finally does something for the American people and our small businesses.”
Recent federal efforts to regulate credit card swipe fees have concentrated on promoting competition in a market largely controlled by Visa and Mastercard. The aim is to alleviate cost burdens on small businesses. According to the National Retail Federation, the Credit Card Competition Act would require large banks to enable at least two networks for processing transactions, allowing merchants to choose more affordable options. Supporters argue that this would reduce inflationary pressures and protect retailers from rising fee costs.
Credit card processing fees typically range from 1.10% to 3.15% of each transaction, placing a significant burden on U.S. small businesses. As reported by The Motley Fool, these fees are often one of the largest operating expenses after labor, with some restaurants indicating they pay more in swipe fees than in rent. Such high costs have fueled support for reform among independent merchants nationwide.
The Marshall-Durbin amendment to the GENIUS Act mandates greater choice in credit card routing networks and has sparked debate over its broader economic implications. According to the Bank Policy Institute, financial industry groups argue that the proposal could reduce consumer rewards programs and lead to cost shifts that hurt low-income users. Supporters counter that more competition would benefit merchants and lower overall transaction fees.
Pearson is a conservative political activist and commentator who gained prominence as a teenager through viral political videos. According to his biography on Wikipedia, he has led youth-focused campaigns such as “Teens for Ted” and “Teens for Trump,” and currently serves as co-chair of the GOP Youth Advisory Council. He advocates for greater youth involvement in conservative politics and public policy.
