After years of hard-fought battles and proven financial reform that benefits retailers and American consumers, Congress is preparing to bring an unnecessary fight to the floor – one that pits Wall Street over Main Street.
Before Congress passed swipe fee reform, the Visa and MasterCard duopoly had free reign to rule over debit swipe fees and set them at will. This cost Main Street billions. In 2010, the merchant community stood up and fought back. Thanks to bipartisan reforms, swipe fees are lowered, consumers saved billions and marketplace competition was strengthened.
RILA is leading the charge in telling Congress to stand with Main Street, not big banks and uphold debit swipe fee reform.