The Credit Card Competition Act of 2023 is a proposed legislation that aims to enhance credit card competition and choice in order to reduce excessive credit card fees. The act seeks to provide network choice for processing credit card transactions by requiring banks to name an additional network for processing transactions involving their cards. The intention of the act is to encourage price competition in the marketplace and lower interchange rates as merchants seek to obtain better deals for the processing of their credit card transactions. The act was introduced by Senators Dick Durbin and Roger Marshall in July 2022 and was reintroduced in June 2023 with even more bipartisan sponsorship. The act has faced opposition from banks and credit unions, who argue that it may result in a cutback on credit card rewards and raises card security concerns. However, supporters of the act argue that it may lower store prices. The fate of the Credit Card Competition Act is unclear, but it is expected to be voted on this year.