WASHINGTON—Sen. Roger Marshall’s (R-KS) effort to have the Credit Card Competition Act (CCCA) added as an amendment to the GENIUS Act has apparently failed.
Sources on Capitol Hill have informed CUToday.info that after a meeting yesterday with other senators, Senator John Thune (R-SD) intends to file for cloture Monday.
“That means that if the Senate gets enough votes to back the GENIUS bill, they will then move to 30 hours of debate on the bill and likely vote on the GENIUS act next Wednesday,” explained DCUC Chief Advocacy Officer Jason Stverak. “If that happens that will not allow any amendments added to the bill. While the Senate is still negotiating on this, from DCUC’s perspective this means Senator Marshal’s efforts have appeared to have failed again.”
As CUToday.info has reported, America’s Credit Unions and the Defense Credit Union Council have opposed the CCCA, arguing the legislation to extend interchange routing requirements to credit cards will hurt consumers, small businesses, and credit unions while “big box” retailers add to their profits.
The GENIUS Act is a bill that would establish federal oversight of payment stablecoins.
The CCCA has been introduced in previous congressional sessions but has consistently lacked the support needed to pass as a standalone bill.
Stverak said that DCUC expects Marshall to now focus his efforts on adding the CCCA to the National Defense Authorization Act (NDAA).