WASHINGTON, DC—Today, nine trade associations representing virtually all banks and credit unions, including those primarily serving military-affiliated customers and members, released the following joint statement opposing the effort by Senator Roger Marshall (R-KS) to derail the National Defense Authorization Act (NDAA) unless the Senator receives consideration for his proposed credit card routing legislation (S. 1838) as an amendment:
“The financial services industry stands united in opposition to Senator Marshall’s effort to hold up funding for our military in order to gift a massive government handout to Walmart, Target, and other big-box retailers. Senator Marshall’s credit card routing legislation has no relevance to defense spending whatsoever. We call on Senator Marshall to promptly abandon his effort to use the NDAA to secure government favors for big-box retailers at the expense of consumers, small businesses, and small financial institutions.”
These same nine trade associations sent a joint letter on July 14 to Congressional leaders expressing strong opposition to the so-called “Credit Card Competition Act of 2023,” and the effort to include that bill’s language as well as an impractical, technically flawed, and unnecessary study proposal (Amendment 177) as amendments to this year’s National Defense Authorization Act (NDAA).
That joint letter can be found HERE.