By Dean Seal


Shares of Visa and Mastercard are trading lower Wednesday following a report that lawmakers are circling back to proposed legislation that could bring down credit card fees.

Visa's stock slid 3% to $221.50 and Mastercard's fell 3% to $368.82 early in the trading session.

The Wall Street Journal reported before the market opened Wednesday that a bill is expected to be introduced this week that would give merchants the power in many cases to process Visa and Mastercard credit cards over different networks.

Giving merchants that right could lower the fees they have to pay.

A similar bill was introduced last summer but it didn't get voted on. The new bill will have two additional co-sponsors, Sen. Peter Welch, a Vermont Democrat, and Sen. J.D. Vance, an Ohio Republican.


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(END) Dow Jones Newswires

June 07, 2023 11:44 ET (15:44 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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