Currently, when a consumer pays with a credit card that has Visa or Mastercard listed on it, merchants generally have to route the payment through that network. The bill would mandate that merchants in many cases have the right to route payments through an unaffiliated network.
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Lawmakers try again to curb Visa and Mastercard fees, with broader support
Big banks and networks and their trade groups have lobbied against the bill. They say it would likely result in credit-card rewards programs, which are heavily funded by interchange fees, getting scaled back.
