NLBMDA provides 2024 legislative objectives

The National Lumber and Building Material Dealer’s Association (NLBMDA) provided members with an update on its top legislative priorities on Capitol Hill as the industry prepares for a new year.

During the Washington Update Webinar: A State of Play, NLBMDA Government, Government Affairs Director Jacob Carter discussed regulatory issues impacting lumber and building supply industry.

Here are the NLBMDA’s priorities for 2024, as broken down by Carter.

• Credit Card Competition Act: The legislation addresses excessive credit card swipe fees by enabling LBM dealers to access more credit card payment networks outside of Visa and Mastercard. Additionally, the act requires the largest credit-card issuing banks to allow at least one payment transaction network to be used on their credit cards that is not Visa or Mastercard. While this is legislation on the NLBMDA’s radar, the issue is spread among just about all independent, smaller retailers. “Every retailer we talk to has a big issue with swipe fees,” Carter told HBSDealer.
  
  In 2021, credit card swipe fees jumped by 25% to a record $137.8 billion, according to the NLBMDA. While heavyweight retailers such as Walmart and Target might not feel the impact of the fees, it’s a major burden for smaller retailers and businesses.
   
• Affordable Housing Credit Improvement Act: This bill expands the Low-Income Housing Tax Credit to build 2 million homes over the next 10 years. Currently, the legislation has 200 cosponsors in the House of Representatives and 30 in the U.S. Senate with a breakdown of 50% Republican and 50% Democrat, Carter said.