Senators Urge Credit Card Companies to Cancel Higher Swipe Fees

Senators are urging credit card giants Visa Inc. and Mastercard Inc. to cancel plans to raise their swipe fees charged to retailers and used reports on the plans to champion their bill to force competition in the industry.

Dick Durbin, the No. 2 Senate Democrat, and Roger Marshall, a Kansas Republican, the lead sponsors of the Credit Card Competition Act, said Wednesday that the companies were already raking in fees that contribute to inflation.

“With small businesses and families already dealing with high prices on groceries and gasoline, this hidden credit card fee increase couldn’t come at a ...