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Sens. Roger Marshall, R-Kan. and Richard Durbin, D-Ill. introduced the Credit Card Competition Act in 2022, and they later attempted to include it as an amendment to the 2022 National Defense Authorization Act, neither of which gained much traction.
It’s a take-it-or-leave-it system, and it is difficult for any merchant to stay in business without accepting cards from the Visa/Mastercard duopoly. The Credit Card Competition Act of 2023 would enhance credit card competition and choice in order to reduce excessive credit card fees.
The EPC has created an explainer handout that includes a general summary of the Durbin-Marshall Credit Card Bill and its negative impact on consumers, small businesses, and financial institutions.
IN THE SENATE OF THE UNITED STATES. June 7, 2023. Mr. Durbin (for himself, Mr. Marshall, Mr. Welch, and Mr. Vance) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs. A BILL.
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.
WASHINGTON — U.S. Senate Majority Whip Dick Durbin (D-IL) and U.S. Senator Roger Marshall, M.D. (R-KS) introduced the bipartisan Credit Card Competition Act of 2022, legislation that would enhance competition and choice in the credit card network market, which is currently dominated by the Visa-Mastercard duopoly.
WASHINGTON — U.S. Senate Majority Whip Dick Durbin (D-IL), Chair of the Senate Judiciary Committee, and U.S. Senators Roger Marshall, M.D. (R-KS), Peter Welch (D-VT), and J.D. Vance (R-OH) today introduced the bipartisan, bicameral Credit Card Competition Act of 2023, legislation that would enhance competition and choice in the credit card ...