Following yesterday's vote to shutdown attempts to delay swipe fee reform, small business owners from across the country gather for press conference in front of U.S. Capitol
WASHINGTON, June 9, 2011 /PRNewswire-USNewswire/ -- More than 50 small business owners from across the country with Reform Swipe Fees NOW! rallied on Capitol Hill today to thank Congress for supporting Main Street and opposing the Tester-Corker Amendment that, if passed, would have undone critical swipe fee reforms that were part of last year's Dodd-Frank financial reform package.
"For millions of small business owners across America, swipe fees are the difference between breaking even or going bust. It can mean hiring a new worker – or having to let an old one go. It can mean passing along savings to customers – or losing the sale. For years, unfair and excessive swipe fees have held Main Street back. But not anymore," said Dennis Lane, National Spokesman for Reform Swipe Fees NOW! and 7-Eleven franchisee.
Last year, Senator Durbin championed an amendment to the Dodd-Frank bill that fixed the broken interchange system that allowed credit card giants to operate without regulation and charge excessive - and ever-increasing - swipe fees, negatively burdening small business owners and consumers across the United States. The amendment passed Congress and was signed into law by President Obama. As a result, new rules limiting debit card swipe fees are scheduled to take effect next month.
But over the past twelve months, Wall Street banks and credit card giants engaged in an aggressive lobbying campaign to undo these critical reforms. For their efforts, Senator Tester proposed an amendment to delay swipe fee reform, but yesterday the Tester-Corker Amendment was rejected in a full floor vote. This is good news for U.S. small businesses who, with fair fees, will be able to grow their businesses, offer better pay to employees, and pass savings on to their customers.
"It has not been an easy road to get here. The banks and credit card companies have pulled out all the stops to maintain their cash cow," Lane continued. "When it was time to cast their ballots, our Members of Congress stood up to the powerful Wall Street lobby – sending the message that we will not tolerate this unfair and harmful system any longer. And that is a good thing for all U.S. businesses and consumers."
New rules limiting debit card swipe fees are scheduled to go into effect on July 21, 2011 – one year after the Dodd-Frank bill was signed into law.
About Reform Swipe Fees NOW!: Reform Swipe Fees NOW! is a project by the Retail Industry Leaders Association (RILA). The project unites U.S. business owners, small and large, in a campaign for fair debit and credit card swipe fees.
SOURCE Reform Swipe Fees NOW!