H.R. 3881 · 118th Congress
Credit Card Competition Act of 2023
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
GoodenSponsor8 cosponsors · 4 D, 4 R
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill addresses network access and competition in electronic credit transactions.
What it does: CRS summary · Introduced in House · Jun 7, 2023
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Credit Card Competition Act of 2023
Latest action (Jun 7, 2023): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jun 7, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.