Credit Card Industry Lobbying
Jun 29th, 2008 | By Rob | Category: Uncategorized
Disclosures for lobbying spending in the first quarter of 2008 have been in for a couple months now - the data has been compiled and sifted and here are a few of the spending figures from credit card issuers and credit card payment processors:
- Citigroup - $1.45 million (over a range of issues).
- Visa spent $860,000 (according to Forbes).
- American Express spent $770,000 (according to the Associated Press).
- Consumer Bankers Association, which opposes credit card reform, spent $768,000.
- Mastercard spent $720,000 (according to CNN).
- Washington Mutual, the nation’s largest savings and loan, spent $270,000 (according to CNBC).
- Discover spent $160,000 lobbying.
It’s rampant speculation on my part, but I would imagine that if the American public invested a small percentage of the money that they will pay to credit card companies in interest rates and fees over the next year, the lobby for the american public could easily outspend the credit card industry and save money by eliminating a portion of the unfair and misleading practices of the credit card provider.
