In Senate Committee·Last action 107 days ago

Bill S3623 Demands Credit Card Competition

Officially: Credit Card Competition Act of 2026

Bill S3623 requires the Federal Reserve to set rules for more credit card network choices. Affects merchants by lowering fees and impacts consumers with potential price drops.

Where it stands

Sitting in Banking

No vote scheduled. Constituent contact is what moves bills out of committee.

What this bill actually does

Federal Reserve Rulemaking: Requires the Federal Reserve to create rules for more network choices in credit card processing.
Merchant Network Choice: Allows merchants to select from multiple payment networks, not just Visa or Mastercard.

↓ Why your message matters here

This bill is sitting in committee with no scheduled vote — which means a small number of constituent messages can decide whether it moves forward or quietly dies.

Where your representatives stand

Enter your ZIP to see how your senators and member of Congress have voted, sponsored, or spoken on this bill.

The debate

What people are saying about this bill

✓Arguments in support

Reduces merchant fees: By promoting competition, the bill could lower the fees merchants pay to process credit card transactions.
Empowers merchants: Gives businesses the ability to choose less expensive networks, which could be especially beneficial for small businesses.
Benefits consumers indirectly: If merchants save money, they might lower prices for consumers.

✕Arguments against

Increases fraud/security risks: More network choices could make it harder to monitor for fraud.
Harms innovation: Heavy regulation might discourage networks from investing in new technologies.
Raises costs for small issuers: Smaller banks might struggle with the new rules, increasing their operational costs.

Where this bill is in the process

Legislative timeline

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Introduced

Introduced in Senate

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Senate Committee

Under Senate committee consideration

Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (1/13/2026)

JAN 13

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Senate Floor Vote

Voted on by Senate

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Passed Senate

Approved by Senate

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House Review

Sent to House for consideration

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Passed Both Chambers

Approved by both House and Senate

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Signed into Law

Signed by the President

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Bill S3623 Demands Credit Card Competition

Where your representatives stand

What people are saying about this bill

Legislative timeline

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