A Bipartisan Credit Card Bill Reintroduced In Congress to Foster Greater Competition
A new credit card bill that targets the monopoly of Visa and Mastercard over the credit card industry has triggered swift reaction from lobbyists.
A bipartisan group of lawmakers, led by Rep. Lance Gooden (R‑Tex.), introduced new legislation that would significantly reform the credit card industry and create greater competition for the benefit of consumers.
The congressman reintroduced the Credit Card Competition Act on June 7, which had failed to pass in 2022.
The bill will require large banks and other credit card issuers with over $100 billion in assets to offer at least two network options to process and facilitate transactions that are not owned by Visa or Mastercard.
The proposed legislation has sparked objections from a coalition of banks, credit unions, and lobby …