Tester Amendment is Another Handout to Big Banks Paid for by Merchants and Consumers

ARLINGTON, Va., June 7, 2011 /PRNewswire-USNewswire/ -- Retail Industry Leaders Association (RILA) President Sandy Kennedy issued the following statement in response to an amendment announced by Senators Jon Tester (D-MT) and Bob Corker (R-TN) that would undo meaningful debit swipe fee reform.

"The debit swipe fee reforms scheduled to take effect next month will fix the broken debit market and bring meaningful relief to merchants and consumers struggling in a stagnant economy.  

"Senators Tester and Corker are intent on taking all the relief away. While proponents try to cast this amendment as a 'compromise,' it is just the opposite.  The Tester/Corker Amendment is a remarkable giveaway to big banks and credit card companies at the expense of merchants and consumers, pure and simple.

"When the Senate voted a year ago to fix the broken debit card system, it stood up for millions of merchants and their customers who faced these excessive fees for too long.  A vote to undo these reforms would ensure that these fees, which have tripled in the last decade, will continue their unimpeded growth.

"We urge Senators to stand up to the credit card companies and big banks and their misleading campaign, and support merchants and consumers, by leaving swipe fee reform alone."

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