Senators Warn Visa, Mastercard Credit Card Practices Can’t Last

Some Republican senators signaled support for a legislative effort to rein in the power Visa Inc. and Mastercard Inc. wield in the credit card market as they grilled the companies about the swipe fees they charge merchants and consumers.

The Credit Card Competition Act (S. 1838) from Senate Judiciary Chairman Dick Durbin (D-Ill.) is unlikely to come up for a vote in the lame-duck period. But a parade of senators during a Tuesday hearing before the Judiciary panel warned officials from Visa and Mastercard that legislative action should be expected if they can’t find a solution on their ...