Legislation around credit-card routing is now being floated as an amendment to the defense budget, but an analyst notes the bill 'has nothing to do with defense.'
A bill that lawmakers say will create more competition in the credit-card business and pressure industry fees “is still unlikely to pass in any form, but it’s still alive,” according to an analyst.
Durbin and Marshall said in a Monday press release that in addition to introducing the Credit Card Competition Act as an amendment to the NDAA, they were also introducing an amendment that would ask for a report on the effects of a current law that makes some veterans pay surcharge fees to cover swipe fees when they use cards at military commissaries.
“A proposed government mandate that will rob military families of their credit -card rewards and undermine their data security has no business being added to annual legislation designed to bolster our national defense, much less enacted into law,” Rob Nichols, the president of the American Bankers Association, said. “We will aggressively oppose this misguided bill and ask every lawmaker to reject including it in the NDAA.
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