Swipe Fee Reform Approaching Finish Line

Jun 25, 2010, 10:52 ET from Reform Swipe Fees NOW!

With support of the bipartisan House-Senate Conference Committee, American consumers and small businesses clear another hurdle on the path towards commonsense swipe fee reform

WASHINGTON, June 25 /PRNewswire-USNewswire/ --  Dennis Lane, single store 7-Eleven Franchise owner and national spokesman for Reform Swipe Fees NOW!, released the following statement regarding today's House-Senate Conference Committee decision to include the swipe fee reform compromise as part of the financial regulatory reform package:

"After years of fighting unfair swipe fees, the finish line is finally within sight for American small businesses and consumers.  Thanks to the support of the conference committee today, the biggest banks and credit card giants will soon have to release their choke-hold on Main Street.

"Swipe fees started out as a reasonable cost of business but have grown to be one of a small business owner's largest expenses - preventing growth and costing consumers money.   The Durbin amendment provides a fair and reasonable way to correct this.  On behalf of small business owners across America, I encourage Congress to support swipe fee reform as part of the financial reform package, and make it law."

Background

Earlier this year a bipartisan majority of the Senate approved an amendment to the Wall Street Reform and Consumer Protection Act, offered by Senator Richard Durbin (D-IL), requiring that debit card swipe fees are "reasonable and proportional" to the true cost of transaction processing.

The Wall Street Reform and Consumer Protection Act conference committee released modified language for this amendment, and today agreed to include the modified language as part of the amended financial regulatory reform bill.  The bill now goes to the House and the Senate for final approval, before being delivered to the President's desk for his signature.  

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 credit card swipe fees.

SOURCE Reform Swipe Fees NOW!