118th Congress Finance and Financial Sector
S. 1838: Credit Card Competition Act of 2023
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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.
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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 Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Roger Marshall R-KSOriginal
- James David Vance R-OHOriginal
- Peter Welch D-VTOriginal
- Joshua Hawley R-MO
- John Reed D-RI
Who scored on this bill
- 1Richard Durbin SponsorDrew cross-party cosponsors, introduced2 events+6
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History
- Introduced in the Senate by Richard Durbin.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text: CR S2007-2008)