This bill aims to foster greater competition within the credit card transaction processing market by amending the Electronic Fund Transfer Act, directing the Federal Reserve Board to issue regulations within one year of enactment, which will take effect 180 days after finalization. A primary provision prohibits covered card issuers and payment card networks from restricting electronic credit transactions to a single network or to two or more affiliated networks. Specifically, it prevents limiting transactions to the two largest market share networks, a restriction that can be lifted if the Board determines market shares have shifted. The bill also forbids practices that inhibit merchants from choosing their preferred processing network or imposing penalties for such routing decisions. Furthermore, the legislation requires the Federal Reserve Board, in consultation with the Secretary of the Treasury, to establish and regularly update a public list of payment card networks that pose a national security risk to the United States or are owned by foreign state entities. Transactions cannot be restricted to these identified networks. These regulations will not apply to credit cards issued under a 3-party payment system model , such as those where the issuer is also the network. The Bureau (likely the CFPB) is explicitly excluded from enforcing these new requirements.