Credit Card Competition Act of 2026

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 7035 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H. R. 7035 To amend the Electronic Fund Transfer Act to require the Board of Governors of the Federal Reserve system to prescribe regulations relating to network competition in credit card transactions, and for other purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES January 13, 2026 Mr. Gooden (for himself and Ms. Lofgren) introduced the following bill; which was referred to the Committee on Financial Services _______________________________________________________________________ A BILL To amend the Electronic Fund Transfer Act to require the Board of Governors of the Federal Reserve system to prescribe regulations relating to network competition in credit card transactions, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Credit Card Competition Act of 2026''. SEC. 2. COMPETITION IN CREDIT CARD TRANSACTIONS. (a) In General.--Section 921 of the Electronic Fund Transfer Act (15 U.S.C. 1693o-2) is amended-- (1) in subsection (b)-- (A) by redesignating paragraphs (2), (3), and (4) as paragraphs (3), (4), and (5), respectively; and (B) by inserting after paragraph (1) the following: ``(2) Competition in credit card transactions.-- ``(A) No exclusive network.-- ``(i) In general.--Not later than 1 year after the date of enactment of the Credit Card Competition Act of 2026, the Board shall prescribe regulations providing that a covered card issuer or payment card network shall not directly or through any agent, processor, or licensed member of a payment card network, by contract, requirement, condition, penalty, technological specification, or otherwise, restrict, on any credit card issued by a covered card issuer, the nu