Reforms on track to take effect in July
ARLINGTON, Va., June 8, 2011 /PRNewswire-USNewswire/ -- Retail Industry Leaders Association (RILA) President Sandy Kennedyissued the following statement on the vote today in the U.S. Senate to protect meaningful swipe fee reforms scheduled to take effect next month.
"We applaud the U.S. Senate for standing up for Main Street and protecting reforms that will help fix the broken debit market.
"These bipartisan reforms will bring meaningful relief to millions of merchants and consumers at this critical time.
"With this distraction now behind us, retailers await the Federal Reserve's final rules so they can begin implementing these reforms and saving consumers money.
"RILA thanks Senator Durbin and his colleagues who have fought for Main Street to protect the meaningful relief that will result from these reforms."
RILA is the trade association of the world's largest and most innovative retail companies. RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs and more than 100,000 stores, manufacturing facilities and distribution centers domestically and abroad.
SOURCE Retail Industry Leaders Association
