The Credit Card Competition Act of 2023 is a bill before Congress that would allow merchants to choose the payment networks they use to process card transactions. Currently, merchants who accept major credit cards (Visa, Mastercard, American Express, Discover) must use the card company’s payment network. According to the Merchant Payments Coalition, merchants pay card companies an average of 2.24% of each transaction, known as a swipe fee, for using their payment networks. The legislation would open the market to other networks....