Military Families Need the Marshall-Durbin Amendment
That message has come through loud and clear from the American Logistics Association and the Armed Forces Marketing Council. Those two groups represent military PX stores.
Here is what ALA had to say in its endorsement of the Marshall-Durbin Amendment, the Credit Card Competition Act:
- “Rising credit card interchange fees have a major adverse effect on the military and veteran family pocketbook and the quality of life of military families offered by on-base military retail programs.”
- “These on-base retail programs are a critical benefit to military families and support military families’ financial readiness by offering products and services at an average savings of over 20 percent.”
- “Additionally, any earnings generated by the military exchanges are given back to the military community to support on-base programs.”
- “Further, the higher fees inhibit the ability of these on-base businesses to invest in inventory, staffing and other vital operational support needs.”
- “Further, due to the interchange fees being set as a percentage of the transaction, the higher credit card fees result in inflation on top of inflation, further eroding quality of life benefits for military personnel, veterans, and their families.”
- “The CCCA will bring long-overdue competition to the credit card marketplace by creating a choice for the processing of credit card purchases, reducing the adverse impact that interchange fees are having on the military and veteran pocketbooks and the operations of on-base quality of life programs.”
Here is what AFMC had to say in its endorsement:
- “Our particular concern about interchange fees is the adverse impact the fees have on the pocketbooks and the quality of life of military families through the military exchange systems.”
- “Currently, the four military exchange systems – Army-Air Force Exchange System, Navy Exchange Command, the Marine Corps Exchange and Coast Guard Exchange – are paying over $120 million per year combined in interchange fees.”
- “Interchange fees continue to be the fastest growing uncontrollable expense to the military exchange systems. This has been exacerbated by inflation.”
- “As interchange fees continue to increase, the military exchange systems must either absorb the costs, thus reducing the dividends that support essential military quality of life programs, or they must pass the cost of the fees on to the military family by raising prices. Either way, military families lose because of interchange fees.”
COMPETITION IS BETTER FOR EVERYONE
IT'S TIME TO PASS THE MARSHALL-DURBIN AMENDMENT