Bill Overview
Title: CVV Act
Description: This bill requires a contributor to political organizations who uses a credit card to make online contributions to such organizations to disclose the credit verification value of such credit card at the time a contribution is made. A credit verification value is a series of numbers on a credit card (usually on the back of the card) that provides additional security for a transaction by credit card.
Sponsors: Sen. Rubio, Marco [R-FL]
Target Audience
Population: People contributing online to political organizations using credit cards
Estimated Size: 5000000
- The bill affects individuals who make political contributions online using a credit card.
- The process of disclosing the credit verification value is primarily a transaction step when one is contributing funds.
- Since the bill explicitly mentions political organizations, it targets individuals engaging in political funding activities.
- Given the widespread nature of credit card ownership globally, potential impact includes a large pool of individuals, but those who specifically engage in online contributions to political organizations are the main focus.
Reasoning
- The policy primarily affects individuals who regularly make political donations online using credit cards.
- We need to consider the frequency and capacity of individuals to donate. It's likely a segment of the population who are politically active and financially able to contribute online.
- Not everyone will significantly adjust their political contributions due to this new verification requirement, thus the impact is variable.
- This policy may have a larger impact during election cycles when political donations rise.
- The financial costs associated with enforcing and managing the policy should fit within the allocated budget.
- It is important to include people who may not be affected to determine the policy's overall effectiveness.
Simulated Interviews
Marketing Manager (New York, NY)
Age: 34 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 1.0 years
Commonness: 14/20
Statement of Opinion:
- I think adding an extra level of verification is fine, as long as it protects my information.
- It's a bit annoying but won't stop me from donating to support the causes I believe in.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 7 |
| Year 20 | 7 | 7 |
Software Developer (Austin, TX)
Age: 29 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 1.0 years
Commonness: 15/20
Statement of Opinion:
- This might add an extra step, but I'm used to securing my transactions.
- As long as it doesn't lead to errors or slow the process too much, it's not a big deal.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 8 | 8 |
Non-profit Director (San Francisco, CA)
Age: 45 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 3.0 years
Commonness: 10/20
Statement of Opinion:
- I appreciate measures to make transactions safer, even if it adds a step.
- Online safety is crucial and this seems like a necessary move.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 7 | 6 |
Self-employed consultant (Miami, FL)
Age: 50 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 1.0 years
Commonness: 12/20
Statement of Opinion:
- Another step might deter impulsive donations, but overall it's probably beneficial.
- I'm wary of providing more data, but it's a security measure I can understand.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 5 | 5 |
| Year 3 | 5 | 5 |
| Year 5 | 5 | 5 |
| Year 10 | 5 | 5 |
| Year 20 | 5 | 5 |
Retired Teacher (Cleveland, OH)
Age: 61 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 4/20
Statement of Opinion:
- I find online processes complicated, so another step could be off-putting.
- I might stick to more straightforward methods of contributing if this becomes too cumbersome.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 7 |
| Year 2 | 6 | 7 |
| Year 3 | 6 | 7 |
| Year 5 | 6 | 7 |
| Year 10 | 6 | 7 |
| Year 20 | 6 | 7 |
Graduate Student (Seattle, WA)
Age: 23 | Gender: other
Wellbeing Before Policy: 8
Duration of Impact: 2.0 years
Commonness: 16/20
Statement of Opinion:
- Since I already prefer online transactions, this change won't affect me much.
- Security is important, so I see the need for such measures.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 8 | 8 |
Legal Advisor (Boston, MA)
Age: 38 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 1.0 years
Commonness: 9/20
Statement of Opinion:
- Additional verification seems reasonable given the current digital climate.
- As long as it doesn't lead to transaction failures or errors, it seems fine.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 6 | 6 |
Nurse (Chicago, IL)
Age: 56 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 3.0 years
Commonness: 11/20
Statement of Opinion:
- Security in online transactions is important, even with added steps.
- I support any measures that protect my payment information.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 8 | 7 |
CEO (Dallas, TX)
Age: 47 | Gender: male
Wellbeing Before Policy: 9
Duration of Impact: 1.0 years
Commonness: 7/20
Statement of Opinion:
- Security is important, but it shouldn't be cumbersome.
- This additional requirement might slightly slow down the process, but I understand the necessity.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 9 | 9 |
| Year 2 | 9 | 9 |
| Year 3 | 9 | 9 |
| Year 5 | 9 | 9 |
| Year 10 | 9 | 9 |
| Year 20 | 9 | 9 |
Accountant (Denver, CO)
Age: 31 | Gender: female
Wellbeing Before Policy: 8
Duration of Impact: 2.0 years
Commonness: 13/20
Statement of Opinion:
- Another layer of security is good, as long as it's seamless and doesn't cause errors.
- I hope it doesn't complicate the donation process unnecessarily.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 8 | 8 |
Cost Estimates
Year 1: $5000000 (Low: $3000000, High: $7000000)
Year 2: $4000000 (Low: $2500000, High: $6000000)
Year 3: $3000000 (Low: $2000000, High: $5000000)
Year 5: $3000000 (Low: $2000000, High: $5000000)
Year 10: $2000000 (Low: $1000000, High: $3000000)
Year 100: $100000 (Low: $50000, High: $150000)
Key Considerations
- Ensuring that political organizations comply with the new requirement will primarily involve technical changes in online payment systems rather than regulatory complexity.
- Potential privacy concerns if detailed cardholder information is not handled correctly.
- The policy aims to reduce fraud by increasing the transparency and security of financial contributions in political contexts.