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119-hr-7035119th CongressWALLET

Credit Card Competition Act of 2026

Sponsored By: Representative Gooden, Lance [R-TX-5]

Introduced

Summary

This bill would create a Fed-led regime to promote competition in credit-card network selection and routing by banning exclusive or restricted network ties. It would also require the Federal Reserve to publish a public list of networks tied to foreign states or posing national-security risks and to reassess which networks dominate periodically.

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  • Large card issuers. Covered card issuers with affiliates holding more than $100 billion in assets would be barred from restricting how many networks can process a credit transaction. The Fed would set three allowed network configurations and must check every 3 years whether the two largest networks have changed.
  • Payment card networks and processors. Networks could not block routing to networks off the Fed’s list, force exclusive security technologies that other networks cannot use, or penalize parties for directing transactions to particular networks.
  • National-security screening and enforcement. The Fed, with the Treasury, would publish and update at least every 2 years a public list of networks owned by foreign state entities or posing national-security risks. The Bureau of the Fiscal Service would not have enforcement authority over these rules.

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 0 benefits, 1 costs, 2 mixed.

More network competition for card transactions

If enacted, the bill would require the Federal Reserve Board to write rules within one year and for those rules to take effect 180 days after the Board issues final regulations. The rules would bar covered card issuers and payment card networks from limiting how many networks can process a credit-card transaction, but would still allow processing on a single network, on affiliated networks, on networks on a Board public list, or on the two networks that held the two largest market shares when the rules take effect. The Board would work with the Treasury to create a public list of networks that pose national-security risks and update it at least every two years. The Board must check every three years whether the two largest networks have changed; if they have, the specific designation ends.

New definitions for card issuers

If enacted, the bill would add definitions that decide who the new rules cover. A "covered card issuer" would be any issuer and its affiliates with more than $100 billion in assets. The bill would define a three-party card model, make "electronic credit transaction" include card-not-present sales on websites and apps, and say "licensed member" includes issuers and firms that process or settle transactions. These definitions would apply when the bill becomes law.

Consumer Bureau cannot enforce rules

If enacted, the bill would provide that the Consumer Financial Protection Bureau may not enforce the new competition and routing requirements or the Board's regulations under this section. That restriction would take effect upon enactment.

Sponsors & CoSponsors

Sponsor

Gooden, Lance [R-TX-5]

TX • R

Cosponsors

  • Rep. Lofgren, Zoe [D-CA-18]

    CA • D

    Sponsored 1/13/2026

  • Rep. Tiffany, Thomas P. [R-WI-7]

    WI • R

    Sponsored 1/20/2026

  • Rep. Van Drew, Jefferson [R-NJ-2]

    NJ • R

    Sponsored 1/20/2026

  • Rep. Tran, Derek [D-CA-45]

    CA • D

    Sponsored 1/23/2026

  • Rep. Hamadeh, Abraham J. [R-AZ-8]

    AZ • R

    Sponsored 2/9/2026

  • Rep. DeSaulnier, Mark [D-CA-10]

    CA • D

    Sponsored 2/9/2026

  • Rep. McGovern, James P. [D-MA-2]

    MA • D

    Sponsored 6/29/2026

  • Rep. Wied, Tony [R-WI-8]

    WI • R

    Sponsored 9/15/2026

Roll Call Votes

No roll call votes available for this bill.

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