President Donald Trump’s latest post on Truth Social reignited pressure on the payment‑processing sector. By backing the bipartisan Credit Card Competition Act, Trump urged lawmakers to curb the swipe fee that banks and processors collect from merchants when customers use credit cards. The bill would force banks to offer merchants access to multiple card networks, potentially eroding the dominance of Visa and Mastercard.

Shares of both giants fell more than 5% on Tuesday, following a Monday sell‑off triggered by Trump’s threat that lenders would violate the law if they failed to cap interest rates at 10% for a year. Investors fear the legislation could shrink the processors’ revenue streams, which rely heavily on interchange fees. The move comes amid a broader debate over credit‑card costs that has already seen regulators probe fee structures.

If the act passes, merchants could negotiate lower fees, but the transition would also create uncertainty for banks and card issuers. Market watchers will watch the next congressional session for a vote and for any regulatory clarifications.