A bipartisan bill aimed at increasing competition in the Visa- and Mastercard-dominated credit card processing network is gaining momentum in Washington as companies take sides on whether it will ultimately help cut consumer and merchant costs.
The bill, the Credit Card Competition Act, seeks to increase industry competition by requiring credit card-issuing banks with assets over $100 billion to add a second credit card network to their platforms. The bill builds on debit card competition reforms enacted by Congress in 2010.
