September 18, 2023
Senators Dick Durbin (D-IL) and Roger Marshall (R-KS) are endangering America’s national security by pursuing the inclusion of the Credit Card Competition Act (CCCA) in the Senate’s military minibus bill.
These Senators seem willing to go to great lengths to secure a vote on the CCCA, even if it means holding the Senate’s minibus spending bill hostage, which includes crucial funding for military veteran healthcare. This effort to shoehorn credit card routing mandates into legislation meant to support our military and veterans is misguided and detrimental to the interests of our armed forces and veterans.
The urgency of opposing this move cannot be emphasized enough.
The Senate minibus spending bill is designed to allocate funds for vital military construction and veteran affairs programs. These funds are essential for maintaining the readiness of our armed forces and ensuring that our veterans receive the care and support they deserve.
What could justify jeopardizing our national security as a bargaining chip? Do Senators Durbin and Marshall truly believe credit card routing mandates are an issue of great national importance?
While the CCCA’s objectives may appear innocuous, the consequences would negatively impact America’s economy. If implemented, the CCCA would disrupt the efficient payment system that has served consumers and businesses for years. Such disruptions would lead to increased costs for businesses, ultimately affecting consumers through higher prices and reduced access to credit—especially concerning as our economy braces for challenges posed by inflation and a possible government shutdown.
The bill would undoubtably boost the profit of its biggest backers, large retailers like Target and Walmart, but the interests of a few multi-billion-dollar corporations shouldn’t trump the interests of the United States.
It’s why resistance to the bill has been so strong and why including the unrelated provisions in the minibus threatens to derail the timely allocation of resources to our military and veterans.
It should also be noted that the financial services industry, responsible for facilitating payments and ensuring transaction security, is overwhelmingly opposed to the CCCA.
Numerous trade associations have voiced their concerns about the potential consequences of this legislation on the financial system and the broader economy. You can refer to a letter we signed last year or a press release just last week for further insight into this industry-wide opposition.
We urge senators to consider the ramifications of including the CCCA in the Senate minibus spending bill and resoundingly reject this risky political maneuver.
Attempting to force a vote on an unrelated and contentious issue during funding discussions for our military and veterans is both inappropriate and harmful. Our lawmakers must prioritize the needs of our troops and veterans above any political agenda.
We strongly encourage senators to reject this attempt to derail funding for our military and veterans and instead focus on passing a clean, bipartisan spending bill that supports the well-being of our nation’s heroes.
The urgency of this matter cannot be overstated, and we trust that senators will make the right decision in safeguarding the interests of our military, veterans, and the American people.
