Insights: Financials

Crypto Market Structure/Stablecoins

The Senate Banking Committee (SBC) is holding a vote on crypto market structure legislation tomorrow. Republicans released their latest draft (the “Chairman’s mark”), which is a result of bipartisan negotiations, but many issues remain unresolved and the bill will be further amended during SBC consideration. Democrats have not...

Credit Card Interchange

Sen. Marshall (R-KS) has long been pushing for a vote on his Credit Card Competition Act (CCCA), which establishes a dual network requirement for credit cards. He and Sen. Durbin (D-IL) re-introduced the bill today. President Trump for the first time expressed support for the bill and Senate Majority Leader Thune (R-SD) for the first time...

Credit Card Interest Rate Cap

President Trump posted that he is “calling for a one-year cap on credit card interest rates of 10%.” A broad set of industry stakeholders representing banks of all sizes and payment networks (i.e., American Bankers Association, Independent Community Bankers Association, others) immediately issued statements noting that an interest rate cap will...

Financials, Macro

Fed/Supreme Court

The Supreme Court (SCOTUS) yesterday heard oral arguments in the Slaughter case – the first of the various lawsuits challenging President Trump’s ability to fire members of independent boards to appear before the court for argumentation. As a reminder, SCOTUS has scheduled separate oral arguments in the Cook case – regarding the legality of...

Financials, Macro

Federal Reserve/Chair Nomination

A variety of developments have occurred that suggest President Trump is preparing to nominate NEC Director Hassett to a seat on the Fed Board and as Chair. Some market participants have reportedly expressed concern to Treasury Secretary Bessent that Hassett would be too willing to cut rates aggressively to please Trump. However, a number of...

Deposit Insurance

The 11/18 House Financial Services Committee (HFSC) hearing on the FDIC deposit insurance limit made clearer what up to that point key House Republicans had been generally signaling - that they have significant reservations about increasing the limit. Chair Hill (R-AK) expressed concern about “potential unintended consequences,” while other...