Election results unsettle credit card routing bill's prospects

The Credit Card Competition Act faces a change in congressional leadership after Republican Sen. Roger Marshall's reelection defeat in Kansas, coupled with Democratic Sen. Dick Durbin's retirement, leaving the proposal without two of its leading advocates in the next Congress.

Marshall lost to Democrat Adam Hamilton in the Nov. 3, 2026, election. His departure could weaken efforts to advance legislation intended to give merchants more choice over the networks processing their credit card transactions, according to early post-election coverage by The Wall Street Journal.

The result does not end the proposal's prospects. Other sponsors remain, and President Donald Trump has repeatedly endorsed it. However, supporters will need to sustain its bipartisan coalition as Congress prepares for new leadership in January.

Routing proposal retains other supporters

The legislation would require credit card issuers with more than $100 billion in assets to enable at least two networks on their cards, including at least one outside Visa and Mastercard. Merchants would gain routing options for covered transactions.

The measure seeks to lower acceptance costs through competition rather than impose an interchange cap. Its Senate sponsors also include Vermont Democrat Peter Welch, while Republican Lance Gooden of Texas and Democrat Zoe Lofgren of California lead the House effort.

Merchant supporters argue that additional routing choices would put downward pressure on fees. Opponents, including the Electronic Payments Coalition, contend the requirements would threaten rewards, fraud protection and other benefits supported by the existing card system.

Trump's support gives proponents a potential point of agreement across party lines. NACS reported that he endorsed the bill again at a Nov. 1 rally for Marshall. At the same time, NACS General Counsel Doug Kantor described swipe-fee reform as an issue on which Republicans, Democrats and independents could cooperate.

Broader policy effects remain uncertain

Digital asset companies also face a changed congressional environment. Democrat Sherrod Brown, a cryptocurrency industry critic, won his Ohio Senate race despite more than $60 million in crypto-backed spending against him, Reuters reported. His return adds a prominent skeptical voice to the Senate, although specific legislative consequences remain uncertain.

Separately, Covington attorneys Randy Benjenk, Samantha Kirby and Nicholas Xenakis predicted in an Oct. 28 analysis that Democratic congressional control could slow bank charter approvals and complex bank combinations. They attributed that possibility partly to additional agency work responding to congressional inquiries.

That assessment was a pre-election forecast, not evidence of delays already occurring. The authors also anticipated slower rulemaking as agencies devote more attention to documenting proposals and responding to oversight.

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