U.S. Rep. Young Kim (R-CA) on April 21 proposed legislation that would reform how payment companies access payment rails so that Americans are able to send and receive money faster and with fewer fees.
“Whether it’s splitting a bill, paying rent, or waiting on a paycheck to clear, Americans are often stuck dealing with delays and increased fees due to outdated payment infrastructure,” Rep. Kim said. “Hard-working Americans shouldn’t have to wait days to access their own money or pay extra just to move it.”
Rep. Kim sponsored the bipartisan Payments Access and Consumer Efficiency (PACE) Act of 2026, H.R. 8395, with lead original cosponsor U.S. Rep. Sam Liccardo (D-CA) to provide for the regulation of registered covered providers, according to the bill’s text.
“My PACE Act modernizes our system to deliver faster payments, lower costs, and helps families and small businesses keep more of their hard-earned money,” added the congresswoman.
Currently, when Americans use a payment app to send or receive money, their transaction often passes through multiple layers before it reaches its destination, slowing down payments and adding extra costs.
If enacted, H.R. 8395 would address this by enabling qualified providers to access federal payment systems directly, reducing delays and lowering costs for consumers and small businesses, according to a bill summary provided by Rep. Kim’s staff.
Key provisions of the bill include streamlining federal registration; setting strong consumer protections; directing access to federal payment networks; requiring robust oversight and enforcement; and instituting consumer-first insolvency protections.
“We can reduce the burden of bank fees borne by too many American families by enabling broader access to innovative payment systems that deliver cheaper, faster, more reliable service,” said Rep. Liccardo. “I’m proud to partner with Young Kim on this bipartisan PACE Act, to modernize our payment system for the benefit of millions of cash-strapped Americans.”
The legislation has been endorsed by the Financial Technology Association, the Blockchain Association, The Digital Chamber, and The Crypto Council For Innovation.