Our favorite restaurants are in deep trouble. Credit card swipe fees are consuming most of their profits. Running a restaurant is narrow profit margin business. Many fail and go out of business. In Washington DC, it is estimated that 40% of restaurants will go out of business in the next year. Not only are food and labor expenses going thru the roof, but also credit card swipe fees are also taking a chunk. Credit card bank monopolies are celebrating record profits with inflation. Swipe fees are up 70% since 2020. This market is dominated by Visa and Mastercard. We need to stop the Visa/MC duopoly and introduce more competition via the Credit Card Competition Act. In Europe and Canada, swipe fees are much lower because their are more payment networks competing.