Inside the Play: High-Stakes Move Could Push Swipe Fee Reform Forward

Senator Roger Marshall (R-KS) has filed an amendment to attach the Credit Card Competition Act to the GENIUS Act—a bill that sets up new rules for stablecoin issuers. It’s a bold move meant to give the credit card bill a real chance to move forward by tying it to a larger package. But it’s not without risk. The strategy could either build momentum or cause the whole package to stall.

For ABMA, this is a major moment. Swipe fees are one of the top concerns for our members. They now rank just behind labor and overhead in terms of cost, and for many dealers, total more than $300,000 to $400,000 a year. The Credit Card Competition Act would help by increasing competition among card networks and giving small businesses a better shot at fair rates and more transparency.

The Senate Banking Committee will decide whether or not to allow the amendment. That’s why ABMA’s lobbyist, Jim Thompson, has already sent our memo of support to every member of the committee and is calling offices to build support. He’s also bringing in help from Alyssa Lovelace, a member of his team who specializes in cryptocurrency policy and knows the ins and outs of the GENIUS Act. Together, they’re setting up meetings with key senators ahead of the vote.

This is our best opportunity in years to fix a system that’s squeezing small businesses. ABMA is doing everything it can to make sure this effort succeeds.

Credit Card Competition Rides Stablecoin Momentum

Senators Roger Marshall, R-Kan. has advanced the Credit Card Competition Act (CCCA) as an amendment to the GENIUS Act, a stablecoin regulatory bill moving through the Senate. If adopted, it would require the Federal Reserve to issue rules within a year preventing large credit-card issuers from limiting network options and barring proprietary security technologies not universally offered.

The amendment applies to banks with more than $100 billion in assets and aims to break up the Visa-Mastercard duopoly to give small businesses fairer processing fees. ABMA has supported the CCCA since its introduction, viewing it as key to leveling the playing field for Main Street retailers. A vote could occur this week, after Memorial Day.

Opposition comes from a coalition of banking trade associations—including the American Bankers Association, ICBA and CBA—which sent a joint letter warning of negative impacts on financial institutions and consumers. ABMA has submitted its own letter of support to Senate leaders, reinforcing the need for network competition and fairer fees at the register.

House Narrowly Passes Trump’s ‘Big, Beautiful Bill’ in Sweeping Legislative Victory

In a dramatic overnight session Wednesday night, the U.S. House of Representatives passed the “One Big Beautiful Bill Act,” a sweeping legislative package championed by former President Donald Trump, by a razor-thin margin of 215-214. The bill encapsulates many of Trump’s top domestic priorities and marks a major political win for House Republicans and Speaker Mike Johnson, R-La., who pushed the measure through amid intense intra-party negotiations.

The legislation extends the 2017 Trump-era tax cuts, significantly boosts funding for border security and national defense, and imposes stricter work requirements on Medicaid recipients, changes projected to result in millions losing health coverage. It also rolls back green-energy tax incentives and raises the federal debt limit by $4 trillion.

A key feature is a new round of business tax cuts aimed at stimulating economic growth. The bill lowers the corporate tax rate from 21 percent to 18 percent, expands deductions for small businesses and introduces new incentives for domestic manufacturing and capital investment. Supporters say these provisions will boost job creation and enhance U.S. competitiveness in global markets.

Only two Republicans, Reps. Thomas Massie, R-Ky., and Warren Davidson, R-Ohio—voted against the bill, while House Freedom Caucus Chair Andy Harris, R-Md., voted “present.” The bill’s passage followed days of marathon meetings and a 42-page amendment designed to win over skeptical GOP lawmakers.

Trump hailed it as “the most significant piece of legislation” of his second term, calling it “one big, beautiful bill” that would reshape the nation’s economic and social landscape. Johnson echoed that sentiment. “Every member of the conference can be proud of this legislation. It’s truly a nation-shaping piece of legislation,” he said.

Democrats fiercely opposed the measure, warning of dire consequences for low-income Americans and criticizing the business tax cuts as giveaways to the wealthy. The bill now heads to the Senate, where its fate is uncertain.

Senate Votes to Strike Down California Emissions Rules

Just weeks after the House passed three resolutions under the Congressional Review Act (CRA) to overturn California’s vehicle emissions regulations, the Senate on May 22 voted 51-46 to do the same despite objections from the Senate parliamentarian and the Government Accountability Office.

The resolutions—H.J.Res. 87 (Advanced Clean Trucks rule), H.J.Res. 88 (Advanced Clean Cars II) and H.J.Res. 89 (Heavy-Duty Omnibus regulation)—target EPA waivers that allowed California to enforce stricter emissions standards than the federal government. Seventeen states have adopted California’s rules under that waiver.

By using the CRA, lawmakers reversed those waivers. The Trump administration is expected to sign the resolutions into law, curbing California’s ability to set its own standards and shifting rulemaking back to the federal level. The move significantly reshapes state-federal dynamics on environmental regulation and carries broad implications for manufacturers and supply chains.