summary
Introduced
06/07/2023
06/07/2023
In Committee
06/07/2023
06/07/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A bill to amend the Electronic Fund Transfer Act to require the Board of Governors of the Federal Reserve system to prescribe regulations relating to network competition in credit card transactions, and for other purposes.
AI Summary
This bill aims to promote competition in the credit card transaction market. It requires the Federal Reserve Board to prescribe regulations that prohibit credit card issuers and payment card networks from restricting the number of payment networks that can process electronic credit transactions. The bill also prohibits issuers and networks from imposing routing restrictions or penalties on merchants for choosing to route transactions over certain payment networks. The regulations will not apply to credit cards issued in a 3-party payment system model. The bill also directs the Federal Reserve Board, in consultation with the Treasury Department, 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.
Committee Categories
Housing and Urban Affairs
Sponsors (6)
Dick Durbin (D)*,
Josh Hawley (R),
Roger Marshall (R),
Jack Reed (D),
J.D. Vance (R),
Peter Welch (D),
Last Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text: CR S2007-2008) (on 06/07/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/senate-bill/1838/all-info |
| BillText | https://www.congress.gov/118/bills/s1838/BILLS-118s1838is.pdf |
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