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.
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Punchbowl News Presents
Our new weekly show, Fly Out Day, brings you inside the most consequential decisions shaping Congress with the people at the center of the story. From Hill leadership to Washington’s most-plugged in reporters, join us straight from our townhouse each Thursday evening. Watch the latest episode now.
