As the Navajo Nation continues to struggle to bounce back after the pandemic, we are left with fewer options to get ahead. 

In Congress we are rarely considered to be part of the conversation. And as we near the end of the year, the Marshall-Durbin credit card bill continues to loom as a threat to the economic progress Arizona’s Native communities have fought for. As Diné and an Arizona state representative, I strongly oppose this bill, and I urge our congressional delegation to do the right thing and vote against it.

Supporters of the Marshall-Durbin credit card bill claim it will lower everyday costs for working families by lowering credit card interchange fees, the cost of processing a transaction. However, we know from experience that this promise is far from the truth. In 2010, Congress passed the Durbin Amendment to lower debit card transaction costs. It allowed big box stores like Walmart and Amazon to rake in over $100 billion and did not lower costs at the register, according to a Federal Reserve Bank of Richmond study.

Now, these same retailers want Congress to pass the Marshall-Durbin credit card bill so that they can increase their profits even more. A study by the University of Miami estimates that the five largest retailers in the country – Walmart, Amazon, Kroger, Home Depot, and Costco – will receive a $1 billion windfall from this legislation, and we can expect them to pocket all the savings for themselves. Even the Congressional Research Service has stated “it is not clear whether retailers would pass interchange savings on to consumers.”

This bill is yet another bad deal for my people. Many Diné families face food insecurity, and some have to drive over two hours to the supermarket. We live in a food desert and an opportunity desert. We’ve lived with outrageously high grocery prices since long before “inflation” became the buzzword of the year and have paid the cost for having the basics put out of reach – both geographically and financially. We cannot afford legislation that will further boost big box retailers’ profits at our expense.

This bill would also be terrible for Diné entrepreneurs and families striving to build their financial future. Our communities rely on local banks to access essential services like no-fee credit cards and small business loans. Unfortunately, this bill threatens these services because it would cost our local banks and credit unions billions of dollars, forcing them to roll back services for those who need them most. Although supporters of the bill claim small banks will be “exempt” from the mandates, we know it is a false promise because such drastic market changes will impact all financial institutions.

How do we know this will happen? Economists have warned us that 10 to 15 million Americans would be kicked out of the credit system if Durbin-style policies are extended to credit cards. We can also look at other countries that have gone down this misguided path. When Australia imposed similar policies on its credit card market, consumers lost access to no-fee credit cards and now pay hundreds of dollars in yearly fees. These are consequences Arizona’s Native communities simply can’t afford.

The road to economic recovery for the Navajo Nation comes from within, from helping each other, and developing small businesses to help our communities grow despite all the forces set against us.

Legislation like the Marshall-Durbin bill would further rig the system for big box retailers and against our small businesses. For that reason and for the sake of all Arizonans, I urge our senators and representatives to oppose any attempt to pass this bill or sneak it into law.

Rep. Myron Tsosie, a Democrat, represents Legislative District 6.