Retail Leaders Applaud Temporary Fed Nominee Stephen Miran
Encourage Immediate Action to Update Debit Rule
- By [ Austen Jensen ]
- Washington, DC
- 08/07/2025
“The Retail Industry Leaders Association congratulates Stephen Miran on his nomination to serve out the remainder of Federal Reserve Governor Kugler’s term,” said Austen Jensen, RILA senior executive vice president, public affairs. “As this process begins, RILA strongly encourages every Senator and Miran to highlight the importance of quickly updating the debit interchange rule in the wake of the recent United States District Court for the District of North Dakota's decision in Corner Post v. Board of Governors of the Federal Reserve. The court squarely rejected the Federal Reserve’s flawed debit rule from 2011, which has – for far too long – imposed excessive costs on merchants and their customers. It is critical that the Board correctly revise the debit rule to align with the original intent of the Durbin Amendment.”
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RILA is the US trade association for leading retailers. We convene decision-makers, advocate for the industry, and promote operational excellence and innovation. Our aim is to elevate a dynamic industry by transforming the environment in which retailers operate.
RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $2.7 trillion in annual sales, millions of American jobs, and hundreds of thousands of stores, manufacturing facilities, and distribution centers domestically and abroad.
RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $2.7 trillion in annual sales, millions of American jobs, and hundreds of thousands of stores, manufacturing facilities, and distribution centers domestically and abroad.
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Finance
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Public Policy
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Retail Impact
