Bill > S4674

This bill, the Credit Card Competition Act of 2022, would amend the Electronic Fund Transfer Act to require the Federal Reserve Board to prescribe regulations relating to network competition in credit card transactions. Specifically, the bill would prohibit credit card issuers and payment card networks from restricting the number of payment networks that can process electronic credit transactions to one or two affiliated networks. It would also prohibit routing restrictions and penalties on merchants for choosing which payment network to use. Additionally, the bill would require the Federal Reserve Board to establish a public list of payment card networks that pose a national security risk or are owned, operated, or sponsored by a foreign state entity.

Housing and Urban Affairs

https://www.congress.gov/bill/117th-congress/senate-bill/4674/all-info