Perceptions of the effectiveness of industry associations rose in 2024 after declining for two consecutive years, according to a study. APCO survey It was released on Tuesday.
The financial services industry and retail and general business groups were ranked the most effective at achieving policy goals this year, according to the study, as the two sides continue to battle over “swipe fees.”
For the 10th edition of the Trademark Survey, APCO surveyed more than 330 Congressional staff, Biden administration officials, and business leaders in June, July, and August 2024. The study measured the impact of trade associations across 15 characteristics, including lobbying, member mobilization, and coalition building. , industry reputation, and media relations.
Policymakers surveyed by APCO rated industry associations' overall effectiveness higher than in any year other than 2021, giving them their highest-ever ratings for how they have weathered and adapted to the pandemic.
Of the 50 trade associations included in this year's study, seven were top performers in various categories, including three in the 'Retail and General Business' sector and two in the 'Financial Services' industry. American Bankers Association, American Dental Association, American Hotel & Lodging, Bank Policy Institute, International Franchise Association, National Federation of Independent Business, and National Retail Federation.
Bill Dalbec, lead researcher on the study and managing director of APCO Insight, said: “This year's results demonstrate significant movement across industry sectors and individual organizations. “We can see that the industry is outperforming the other six industries we measured.”
According to the study, this is the first time since 2014 that financial services has been the most effective sector, and the retail and general business groups' perceived effectiveness has increased significantly since the 2023 study.
A report last year found that industry associations representing manufacturers were rated as most effective in 2023 following a major funding injection from a bipartisan infrastructure bill, leading to industry perceptions of effectiveness. It is highly likely that it contributed to
This year, retailers are pushing for passage of the Credit Card Competition Act, which would require financial institutions with more than $100 billion in assets to offer at least two credit card payment processing networks. Visa and Mastercard, which currently control a combined 80% of the credit card payment processing market, cannot be an option.
The retailers, along with the bill's sponsors Sen. Dick Durbin (D-Ill.) and Sen. Roger Marshall (R-Kansas), say the bill would break up the “monopoly” of Visa and Mastercard. He said that this is extremely important.
Washington banks, credit card companies, and the groups representing them have fought vigorously against the bill, arguing that it would eliminate popular credit card rewards programs and would not lower prices for consumers. is resisting.
Despite significant momentum from the bill's sponsors, the bill has not reached a vote on the Senate or House floor and, like previous versions, is in danger of dying at the end of the year.
“Participating in legislative battles generally contributes to such movements, and the ongoing battle between banks and credit card issuers and retailers and small businesses over credit card swipe fees is likely to continue in 2024. We have the upper hand and it's still unresolved. The organizations that took part in this fight have been recognized for their efforts,” Dalbec said.
Policymakers and business leaders surveyed by APCO said the National Retail Federation is the most effective trade association this year for events, media relations and grassroots efforts.
According to the study, the American Bankers Association ranked highest for direct lobbying and multilateral and regional influence. The Banking Policy Research Institute, which represents the nation's largest banks, ranked highest for unified voice and social media.
The International Franchise Association, which represents franchisors, franchisees and franchise suppliers, was ranked most effective at mobilizing members, bipartisan cooperation and coalition building.
According to the survey, the National Federation of Independent Businesses was considered the best reputation manager and information source for the industry, and American Hotel & Lodging was the best member representative. The American Dental Association ranks highest in self-regulation.
