U.S. Senate Passes Commonsense Swipe Fee Reform to Aid Small Business and Consumers
Main Street merchants applaud Senate for taking immediate action to help retailers and their customers across the nation
WASHINGTON, May 13 /PRNewswire-USNewswire/ -- The Merchants Payments Coalition, representing 2.7 million U.S. businesses, released the following statement after the U.S. Senate voted to include commonsense swipe fee reform in the Restoring American Financial Stability Act of 2010 through an amendment introduced by Sen. Richard Durbin. Specifically, the measure will ensure the debit card transactions are reasonable and proportional to the cost of processing the transaction:
"Tonight, the Senate stood up to the credit card companies and big banks and stood strong for Main Street businesses and our customers. Swipe fees have spiraled out of control in recent years, and this amendment is necessary to rein in these excessive fees and ensure that Main Street receives a fair shake. These fees are harmful across the board -- from large businesses to small retailers to American consumers."
"Because of Sen. Durbin's amendment and his efforts to push this measure through the Senate, business owners and their customers are one step closer to real, tangible reform. This amendment will enhance transparency and help protect businesses and their customers alike from these unfair, hidden fees."
"Now that the Senate has acted in such a strong and unambiguous way, business owners across the country hope that Congress will continue moving forward with this measure to bring fairness to credit and debit card swipe fees -- and that it eventually reaches President Obama's desk to become law."
The Merchants Payments Coalition is a group of retailers, supermarkets, drug stores, convenience stores, fuel stations, on-line merchants and other businesses who are fighting against unfair credit card fees and fighting for a more competitive and transparent card system that works better for consumers and merchants alike. The coalition's member associations collectively represent about 2.7 million stores with approximately 50 million employees. For more information about credit card swipe fees, please visit http://www.UnfairCreditCardFees.com.
SOURCE The Merchants Payments Coalition
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