Marshall Files Interchange Amendment for GENIUS Act

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As expected, Sen. Roger Marshall (R-Kan.) filed an interchange amendment Tuesday as the Senate begins consideration of S. 1582, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.

This amendment would strip consumer choice by mandating the use of third-party payment networks that benefit big box retailers without the same level of cybersecurity protection and infrastructure currently in place. Notably, the language used is identical to the bill introduced in the last Congress by Marshall and Sen. Dick Durbin (D-Ill.) as the Credit Card Competition Act. 

At this time, it remains unclear whether a vote will occur this week or after the Memorial Day recess (beginning the week of June 2).  

If you haven’t already, please engage your U.S. senators on the topic of interchange. This includes making calls, sending emails, and leveraging available advocacy tools. You can also take action now via the Interchange Works site.