Senate Scrutiny Intensifies on Credit Card Fees Amidst Competition Concerns

The Credit Card Competition Act, which aims to increase competition among credit card networks and reduce fees for merchants, remains stalled in Congress despite support from some lawmakers and President-elect Donald Trump. The bill, introduced by Sens. Roger Marshall and Richard Durbin, would require banks to offer at least two networks for processing transactions, challenging the dominance of Visa and Mastercard. Critics argue it could harm loyalty programs and small businesses, while proponents believe it will enhance competition. The Senate Judiciary Committee has urged Visa and Mastercard to self-regulate to avoid legislative action.