Insights: Policy

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...

Renewable Fuel Standard

The Environmental Protection Agency (EPA) was ordered by the DC Circuit Court of Appeals in mid-December to provide a status update about the agency’s progress towards finalizing the Renewable Fuel Standards (RFS) for the 2026 and 2027 compliance years. In its response, the EPA indicated that it anticipates finalizing a rule in the first quarter...

Affordable Care Act Subsidies

Legislative activity related to expired ACA enhanced subsidies (eAPTCs) continues to accelerate and is moving in a more bipartisan direction. Yesterday, the House passed – on a bipartisan 230-196 basis – a bill to retroactively extend the subsidies for three years (through 2028). This bill was the result of a rarely-used “discharge...

IEEPA Tariffs and the Supreme Court

The Supreme Court (SCOTUS) is scheduled to issue its first opinions of the year this Friday (1/9). This will represent the first opportunity for the Court to issue their opinion in Trump v. V.O.S. Selections, the case concerning the President's imposition of tariffs under IEEPA, though there is no specific indication the IEEPA decision will come...