President Trump will pledge to slash “out-of-control credit card swipe fees” in his speech Wednesday at the GOP midterm convention in Dallas.
“We will cut out-of-control credit card swipe fees, saving the average family $1,200 per year,” Trump will tell the crowd, according to his prepared remarks.
“We will not allow Americans to pay seven to eight times more in those fees than they do in other countries — much like I solved favored nations,” the president will argue.
Earlier this year, Trump urged congressional lawmakers to pass the Credit Card Competition Act, which he said in a social media post would “stop the out-of-control swipe fee ripoff.”
The president has previously floated capping credit card interest rates at 10%.
This is a developing story. Please check back for updates.
