Central Colorado News

Chris Romer, CEO of Vail Valley Partnership, expressed concerns over the Durbin-Marshall Credit Card Bill, suggesting it would negatively impact small businesses and tourism-dependent communities by reducing credit card rewards while benefiting major retailers. This statement was made in an op-ed on February 12.

"The bill hurts the ability to travel," said Romer, President. "This bill will severely hurt hard-working Americans who count on their cash back, points, and rewards programs as a significant part of their travel and tourism budget. A flawed public policy like the Durbin-Marshall credit card bill would significantly hurt tourism and Eagle County businesses just as we have stabilized and found firm footing. The main beneficiaries (and supporters) of this legislation are big retailers like Wal-Mart, Target, Costco, etc."

The Durbin-Marshall Credit Card Bill, reintroduced in 2023, aims to lower credit card interchange fees by promoting competition among payment networks. According to a January 2024 study by Oxford Economics, the bill could decrease economic activity by $227 billion over four years, primarily due to reduced funding for credit card rewards and fraud protection. Business Wire reported that sectors such as travel and tourism might face significant challenges, with 156,000 jobs at risk and reduced consumer travel spending threatening destination economies.

A 2023 survey by NerdWallet revealed that 41% of Americans possess at least one travel rewards credit card, highlighting the popularity of these programs. The data indicates that most cardholders actively redeem points or miles for flights, hotels, and other travel-related expenses. NerdWallet also found that millennials are particularly inclined to use credit card rewards to subsidize vacation costs, making potential reward cuts a deterrent to future travel.

According to the National Retail Federation (NRF) in 2022, small businesses face a disproportionate burden from rising credit card swipe fees, which amounted to $160.7 billion that year. The NRF said that small retailers often pay higher interchange rates due to limited bargaining power, resulting in tighter profit margins or increased consumer prices. In contrast, large chain retailers can typically negotiate lower rates, shielding them from the regulatory and financial impacts of swipe fee legislation.

Romer is the President and CEO of the Vail Valley Partnership (VVP), a leading regional chamber of commerce in Colorado. Vail Daily reported that he previously held leadership roles across both public and private sectors and graduated from the U.S. Chamber of Commerce’s Institute for Organization Management. Under his leadership, the VVP was named "Chamber of the Year" in 2016 by the Association of Chamber of Commerce Executives. Romer himself was recognized as a "Top 25 Mind in Hospitality Sales and Marketing" by HSMAI.

The Vail Valley Partnership was originally founded as the Vail Resort Association in 1964 and serves as the primary business and tourism advocate for the Vail Valley. As described on its official site, the organization promotes economic vitality, supports community development, and facilitates regional collaboration among businesses. The VVP represents more than 80% of the local workforce and engages in destination marketing, policy advocacy, and business resource development throughout Eagle County, Colorado.