Banking, retail groups most effective on policy in 2024: survey
The perceived effectiveness of trade associations ticked up in 2024 following two consecutive years of decline, according to an APCO survey released Tuesday.
The financial services industry and retail and general business groups were ranked the most effective in achieving their policy aims this year amid an ongoing battle between the two over “swipe fees," the survey found.
For the tenth edition of the TradeMarks study, APCO surveyed more than 330 congressional staffers, Biden administration officials and business leaders in June, July and August 2024. The survey measured the impact of trade associations across 15 characteristics including lobbying, membership mobilization, coalition building, industry reputation and media relations.
Policymakers surveyed by APCO rated the overall effectiveness of trade associations higher than any year other than 2021, when they rated them at a record high for how they navigated and adapted to the pandemic.
Of the 50 trade associations included in this year’s survey, seven were identified as top performers in the various categories, including three from the “retail and general business” sector and two from the “financial services” industry: American Bankers Association, American Dental Association, American Hotel & Lodging, Bank Policy Institue, International Franchise Association, National Federation of Independent Businesses and National Retail Federation.
“This year’s findings show some significant movement among the industry sectors and individual associations, as we see two industries rise above the other six we measure,” said Bill Dalbec, the study’s principal investigator and managing director for APCO Insight.
This is the first time since 2014 that financial services has been the most effective sector, according to the study, and the perceived effectiveness of retail and general business groups has jumped markedly since the 2023 survey.
Trade associations representing manufacturers were rated the most effective in 2023 following a massive infusion of funding from the bipartisan infrastructure bill, which likely contributed to the industry’s perceived effectiveness, according to last year’s report.
This year, retailers have been pushing for the passage of the Credit Card Competition Act, which would require financial institutions with assets over $100 billion to offer at least two credit card payment processing networks. One of the options can’t be Visa or Mastercard, which currently control a combine 80 percent of the credit card payment processing market.
Retailers along with Sens. Dick Durbin (D-Ill.) and Roger Marshall (R-Kans.), the bill’s sponsors, have said the legislation is critical to break up the Visa-Mastercard “duopoly.”
Banks, credit card companies and the groups representing them in Washington have been vigorously fighting the legislation, saying it would eliminate popular credit card rewards programs and not reduce prices for consumers.
Despite significant momentum from proponents of the bill, it has not come to the floor of the Senate or the House for a vote and is in danger of dying at the end of the year, as previous versions have.
“Being engaged in a legislative battle generally contributes to such movement and the continued fight pitting banks and credit card issuers against retailers and small business over credit card swipe fees was dominant in 2024 and is still unresolved. Associations engaged in this battle have been recognized for their efforts,” said Dalbec.
Policymakers and business leaders surveyed by APCO said the National Retail Federation was the most effective trade association this year at events, media relations and grassroots engagement.
The American Bankers Association ranked best in direct lobbying and multilateral and local impact, according to the survey. The Bank Policy Institute, which represents the country's leading banks, ranked best in unified voice and social media.
The International Franchise Association, which represents franchisors, franchisees and franchise suppliers, was ranked most effective in member mobilization, bipartisanship and coalition building.
The National Federation of Independent Businesses is seen as the best industry reputation steward and information resource, according to the survey, and American Hotel & Lodging had the best member representation. The American Dental Association ranked highest in self-regulation.
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