Proposed legislation aims to break up Visa-Mastercard 'duopoly' and reduce credit card fees.

A bipartisan group of lawmakers led by Rep. Lance Gooden is pushing the Credit Card Competition Act, which would require large banks and other credit card issuers to offer at least two network choices to process and facilitate transactions, at least one of which must not be owned by Visa or Mastercard. The bill has prompted intense lobbying from banks, credit unions, and advocacy groups who argue that it would hurt consumers and small financial institutions. Supporters argue that adding a second competitive network could save retailers and their customers at least $11 billion per year.