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Increased Competition in Credit Card Payments: Lower Fees for Merchants?

This new law aims to boost competition among credit card transaction networks. This could lead to lower fees for merchants, potentially resulting in lower prices for goods and services for consumers. The act also introduces rules regarding merchants' choice of payment networks.
Key points
Banks issuing credit cards will not be able to restrict the choice of payment networks to one or two affiliated networks.
Merchants will have more freedom to choose the network through which credit card transactions are processed, potentially lowering their processing costs.
The act excludes cards issued under a 3-party payment system model (e.g., American Express, Discover), where the card issuer is also the payment network.
A public list will be established for payment card networks posing a national security risk or owned by foreign state entities.
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Expired
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Additional Information
Print number: 117_HR_8874
Sponsor: Rep. Welch, Peter [D-VT-At Large]
Process start date: 2022-09-19
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Credit Card Competition Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_8874.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-09-19.

What are the main provisions?

Key points include:

  • Banks issuing credit cards will not be able to restrict the choice of payment networks to one or two affiliated networks.
  • Merchants will have more freedom to choose the network through which credit card transactions are processed, potentially lowering their processing costs.
  • The act excludes cards issued under a 3-party payment system model (e.g., American Express, Discover), where the card issuer is also the payment network.
  • A public list will be established for payment card networks posing a national security risk or owned by foreign state entities.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Welch, Peter [D-VT-At Large].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Economy