Banking

ABA-opposed charge card routing expense omitted from Senate defense costs expense

The Senate on Thursday passed a significant defense costs expense without language connecting a different, American Bankers Association-opposed charge card routing expense to the legislation. The Credit Card Competition Act by Sens. Dick Durbin (D-Ill.) and Roger Marshall (R-Kan.) was reestablished in Congress previously this year after its sponsors stopped working to win assistance for the legislation in 2015. ABA and other monetary sector associations effectively advised legislators to turn down efforts by Durbin and Marshall to connect the legislation as a change to the National Defense Authorization Act, a must-pass expense that develops yearly appropriations for the Department of Defense.

The Senate passed a variation of the NDAA without the change. However, the Senate variation should now be fixed up with a variation formerly gone by House, offering CCCA advocates with additional chances to connect their legislation to the defense expense.

Gabriel

A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

Related Articles

Back to top button