WASHINGTON—With Sen. Roger Marshall’s (R-KS) efforts to add the Credit Card Competition Act to the GENIUS Act apparently failing, the next step for the Senator is the National Defense Authorization Act, acknowledged America’s Credit Unions and the Defense Credit Union Council.
As CUToday.info reported, Marshall’s latest effort has apparently failed, with Senator John Thune (R-SD) filing for cloture Monday, making it very unlikely amendments will be added to the legislation.
“We're pleased to see the Senate is focused on passing important legislation that will provide real legal structures around stablecoins and it won't be bogged down by poison pill amendments that are harmful to American consumers, like the CCCA,” said ACU SVP of Advocacy Greg Mesack. “We're pleased to see the Senate is focused on what matters, which is trying to provide regulatory structure for an important evolving financial product.”
But both Jason Stverak, Defense Credi Union Council chief advocacy officer, and Mesack expect Marshall will begin his efforts again, now focusing on the NDAA.
“We fully expect that when something like the NDAA or appropriations bills move, Marshall will be back at it, and we’re going to be there—representing credit unions and the millions of members that use credit unions—to push back,” Mesack said.
Stverak said DCUC has been preparing for the NDAA since day one of this Congress.
“We recognized early on that the National Defense Authorization Act could be used as a vehicle for harmful legislation like the Durbin-Marshall Credit Card Competition Act,” Stverak said. “That’s why we proactively engaged with members of both the House and Senate Armed Services Committees to clearly communicate DCUC’s and the credit union industry’s priorities. At the top of that list: keeping the CCCA out of the NDAA. Serving military credit unions isn’t an afterthought for us—it’s our mission, every day, on Capitol Hill.”
Mesack emphasized that Marshall’s continuing efforts to add the CCCA as an amendment to legislation is an ineffective strategy.
“I think there are a number of senators who would vote for the Credit Card Competition Act,” he said. “There's bipartisan support and bipartisan opposition. I think Marshall’s problem is his tactics. He keeps trying to force the CCCA onto unrelated legislation and keeps trying to force lawmakers to take a controversial stance on legislation they want to see passed.”