The Credit Card Competition Act of 2022 (S. 4674) is a U.S. Senate bill introduced on July 28, 2022, that would require the Federal Reserve to issue regulations preventing large credit card issuers and payment networks from restricting which networks can process credit card transactions. The bill aims to increase competition by ensuring merchants have access to at least two unaffiliated payment networks for processing electronic credit transactions. The Federal Reserve would be required to implement these rules within one year of enactment and review market conditions every three years.Open full document
Notes
Senate Bill S. 4674, introduced by Senators Durbin and Marshall, proposes amending the Electronic Fund Transfer Act to require the Federal Reserve Board to prescribe regulations promoting network competition in credit card transactions. The bill would prohibit covered card issuers and payment card networks from restricting electronic credit transactions to a single network or networks affiliated with the issuer. It was referred to the Senate Committee on Banking, Housing, and Urban Affairs.