With so much focus on inflation and affordability, it’s worth asking whether we’re overlooking some of the structural costs that quietly drive up prices. Swipe fees are one of those costs charged as a percentage of every credit card transaction.  

For Louisianans and those all across the country, these fees act as a multiplier for inflationary pricing. As costs go up, business owners are forced to raise prices, which increases swipe fees. This cycle not only pushes many businesses to the brink but also continues to worsen the financial burden on consumers.

Even for things as vital as gas, the average price in Louisiana jumped more than a dollar in March compared to the month prior. It’s estimated that nationwide, major banks are now raking in nearly $58 million a day in swipe fees on elevated fuel prices. 

While other contributing factors like war and supply chain disruptions might go away, it’s going to take federal swipe fee reform like the Credit Card Competition Act to solve this underlying problem. That’s why President Trump has endorsed the CCCA that would inject competition into the payments industry and motivate Visa and Mastercard—who dominate the market—to lower these fees to a more reasonable rate. 

Louisianans need some relief from nonstop rising prices, and I hope Sens. John Kennedy and Bill Cassidy will support the president’s agenda and pass the CCCA.

Roger F. Villere, Jr. served for 14 years as chairman of the Republican Party of Louisiana.