It’s the Credit Card Competition Act of 2022. Senate bill below.
I don’t think this will end rewards programs. They want to put an end to transaction fees on cards, a cost borne directly by the merchant but certainly part of the retail price on goods.
The criticism that the the loss of these fees will reduce the amount of money with which they can fund these programs. These programs are largely paid for by late fees, interest charges, etc.
Processing credit transactions is a very real cost to merchants. I don’t know what business government has sticking its beak in here.