| Bill | S 1838 |
|---|---|
| Type of Legislation | Senate Bill |
| Congress | 118 |
| Status | Archived — 118th Congress concluded |
| Source | View original on Congress.gov |
Description
Credit Card Competition Act of 2023
This bill addresses network access and competition in electronic credit transactions.
The Board of Governors of the Federal Reserve System must prohibit certain credit card issuers with assets of over $100 billion from restricting the number of networks on which electronic credit card transactions may be processed. These transactions must be able to be processed on at least two networks and must not be restricted to networks (1) owned by or affiliated with the issuer, (2) designated as a national security risk, or (3) that have the largest market share of credit cards issued.
Additionally, credit card issuers are prohibited from imposing certain limitations on the routing of electronic credit transactions, such as through penalties for failure to meet a specified threshold of transactions on a particular payment card network.
The board must also designate payment card networks that pose a security risk to the United States or are owned, operated, or sponsored by a foreign state entity.
Bill Title
Credit Card Competition Act of 2023
Linked Goals
Steps
- 2023-06-07: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text: CR S2007-2008)
- 2023-06-07: Introduced in Senate
Projected Outcome
A more informed proposal or public response aligned with the Promote General Welfare goal.