Retailers and customers secure important victory in financial reform debate
ARLINGTON, Va., June 25 /PRNewswire-USNewswire/ -- The Retail Industry Leaders Association (RILA) applauded the inclusion of language to reform the swipe fees charged to merchants by credit card companies and big banks, as part of the Wall Street regulatory reform legislation approved by a conference committee today. The negotiated language will give merchants relief from the excessive swipe fees charged by the big banks and credit card companies, giving the Federal Reserve the power to ensure these fees are reasonable and proportional to the cost of the transaction.
"The swipe fee reform compromise is a major step in the right direction for those who accept credit and debit cards. Consumers and retailers, small and large, will finally see some relief after years of skyrocketing fee increases imposed by big banks and credit card companies," said RILA President Sandy Kennedy.
The Senate passed an amendment offered by Senator Richard Durbin (D-IL) to the Senate version of the bill last month with a broad bipartisan majority.
"Senator Durbin and the members of the conference committee deserve tremendous credit for standing up against deep-pocketed financial industry interests who fought desperately to protect the status quo. The approved language includes concessions from both sides but preserves the core elements of the Durbin amendment that address the excessive fees and anti-competitive practices of the big banks and card companies," added Kennedy.
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