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Sens. Cynthia Lummis and Bernie Moreno moved on August 7 to become cosponsors of the Credit Card Competition Act, a bill strongly opposed by banking groups.
Their move comes while banks are also pressing lawmakers for tighter stablecoin-yield rules in CLARITY, adding another complication to the bill’s already difficult Senate path.
Key Takeaways
- The Credit Card Competition Act puts Lummis and Moreno on the opposite side of banking groups in another major financial-policy dispute.
- Stablecoin yield remains one of the unresolved issues complicating Republican support for CLARITY.
- Lummis has publicly expressed frustration over the latest setback and says she will continue fighting for the bill.
- Senate leadership still reportedly plans to begin the cloture process before recess, keeping September action possible.
A New Banking Fight Takes Shape
An August 7 Senate filing requests that Lummis, a Wyoming Republican, and Moreno, an Ohio Republican, be added as cospo...
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