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The Credit Card Competition Act, aimed at increasing competition among credit card networks, will not be put to a vote in the current congressional session. The Senate Judiciary Committee held its final hearing on the bill, which was introduced by Senators Roger Marshall and Richard Durbin. The proposed legislation seeks to require banks issuing credit cards to offer at least two networks for processing transactions, challenging the dominance of Visa and Mastercard.
Despite backing from high-profile figures such as President-elect Donald Trump and Vice President-elect J.D. Vance, the bill has seen little progress since its introduction. Senator Thom Tillis expressed skepticism about the bill's chances of passing, suggesting it could "create more problems." He urged Visa and Mastercard to address concerns independently before Congress intervenes.
Senator Josh Hawley criticized the bill as unsustainable and proposed capping interest rates on credit cards as an alternative solution. Meanwhile, Louisiana Senator John Kennedy remained undecided on how he would vote if the bill were brought forward.
