A net amount of $460,000 has been spent by American Express Co. to lobby the Federal government on credit card reform, online data collection and tax laws. This has been listed in a disclosure report.
This amount has been spent in the third quarter and it is 29 percent less than what has been spent a year ago. This New York based company spent $650,000 the previous year. The amount doled out on third quarter this year is 27 percent less than $630,000 spent in the second quarter of 2010.
American Express Co. – the issuer of credit card and payment processor, used the payment to lobby the Federal government on several provisions. This includes credit card reform law, issues related to gift cards and credit card practices of small businesses. The agenda also includes Interchange fees – the fees that merchants pay for processing of credit and debit card transactions, financial regulatory reform law and card interest rate caps.
The representatives of American Express Co. have also brought up issues concerning mail deliver changes, laws and regulations concerning consumer data, online behavioral activity, airline ticket fee disclosure, sale of counterfeit goods, law that enables judges to dismiss lawsuits not practical enough. The representatives also discussed about energy-related rebates, tax cuts that include middle class and estate tax, legislation for deduction of company based wellness programs. There is also the proposal for taxing bonuses paid. This is implied for companies receiving emergency economic assistance and also in cases of TARP recipients. A proposal for legislation that limits executive compensations incase of certain financial institutions is also in place.
American Express Co., in the July-to-September period, lobbied Congress, President’s office, Federal Reserve, Treasury and Energy departments, Postal Service and internal revenue service.
This article was submitted by Rohit Arora, co-founder of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to