To amend the Electronic Fund Transfer Act to require the Board of Gov- ernors of the Federal Reserve system to prescribe regulations relating to network competition in credit card transactions, and for other pur- poses. IN THE SENATE OF THE UNITED STATES JULY 28, 2022 Mr. MARSHALL (for Mr. DURBIN (for himself and Mr. MARSHALL)) intro- duced the following bill; which was read twice and referred to the Com- mittee on Banking, Housing, and Urban Affairs 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. Be it enacted by the Senate and House of Representa-1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Credit Card Competi-4 tion Act of 2022’’. 5 VerDate Sep 11 2014 23:18 Aug 04, 2022 Jkt 029200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:BILLSS4674.IS S4674pa m tm an n on D S K B C H B 2P R D w ith B IL LS •S 4674 IS SEC. 2. COMPETITION IN CREDIT CARD TRANSACTIONS. 1 (a) IN GENERAL.—Section 921 of the Electronic 2 Fund Transfer Act (15 U.S.C. 1693o–2) is amended— 3 (1) in subsection (b)— 4 (A) by redesignating paragraphs (2), (3), 5 and (4) as paragraphs (3), (4), and (5), respec-6 tively; and 7 (B) by inserting after paragraph (1)…Open full document
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The bill is strongly opposed by airlines and every tourism group for fear that it would clamp down on frequent flyer miles and other rewards programs.