U.S. Senators Bernie Moreno and Cynthia Lummis have cosponsored the Credit Card Competition Act, a bill that would require banks with more than $100 billion in assets to offer at least two unaffiliated payment networks on their credit cards. This legislation aims to weaken the near-duopoly of Visa and Mastercard over credit card processing in the United States. The bill has unusual bipartisan support, including Senators Dick Durbin, Roger Marshall, Peter Welch and Angus King, as well as former President Donald Trump. Visa, Mastercard and the largest card-issuing banks oppose the legislation, arguing that mandatory routing to cheaper networks would threaten credit card rewards programs funded by interchange fees.
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