Sen. Josh Hawley (R-Mo.) filed an amendment to the GENIUS Act to cap credit card interest rates, according to three people familiar with the decision. Hawley and Sen. Bernie Sanders (I-Vt.) introduced a bill to cap card rates at 10% in February.
The amendment process around the GENIUS Act is shaping up to be uniquely painful for the banking industry. Sen. Roger Marshall (R-Kan.) filed an amendment to include the Credit Card Competition Act Tuesday night.
