VISA's Lobbying Effort to Stop Financial Reform Hits a New Low

May 21, 2010, 14:05 ET from Reform Swipe Fees NOW

VISA using children, firefighters and seniors to justify fleecing small employers and consumers

WASHINGTON , May 21 /PRNewswire-USNewswire/ -- Dennis Lane, single store 7-Eleven Franchise owner and national spokesman for the campaign to Reform Swipe Fees NOW!, released the following statement regarding VISA's response to the U.S. Senate's passage of sweeping financial regulatory reform.

"The credit card industry has officially hit a new low in their campaign to block financial reform.  To justify fleecing small business owners like me, they are now hiding behind seniors, veterans, firefighters and even children to justify their business practices.  Their unprecedented multi-million dollar lobbying having failed, they have now resorted to using human shields in a last-ditch effort to scuttle reform that will benefit millions of small businesses and their customers."      

From VISA's statement upon passage of the Senate financial reform bill (S. 3217)

  • "Those who rely on prepaid cards for government disbursement, such as child support, could be particularly hard hit."
  • "…could especially harm community banks and credit unions that depend on interchange to offer competitive banking services to firefighters, police officers, teachers, veterans, congressional staffers and other customers.
  • "This could be especially devastating for those on a fixed income who rely on prepaid cards for government disbursements such as social security."

"Each of these suggestions is ridiculous, and VISA knows it. Rather than hurt workers and families, swipe fee reform will help small businesses grow, improve wages and benefits, and lower prices for consumers.  But with its lobbying efforts failed, it's become increasingly clear that the card industry is willing to say just about anything to protect the billions they are making exploiting small business.

"We need Congress to finish what it has started. For reform to be complete, it must include interchange reform.  For our economy to grow again, we cannot allow VISA and the nation's largest financial institutions to continue siphoning away billions each year from hardworking small business owners."

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