The Retail Industry Leaders Association (RILA) Executive Vice President, Government Affairs Austen Jensen issued the statement below following news that the Federal Reserve is preparing a proposal to lower debit interchange fees.
“Today’s action by the Federal Reserve to begin the process of lowering the interchange rate on debit transactions for all merchants is a long day in the making and is strongly supported by RILA. Over the past twelve years, the largest financial institutions in the country have seen their costs decline and their margins explode. The decision today to adjust debit interchange rates to accurately reflect the actual costs that card networks and the largest banks bear should be applauded.
"RILA was a leader in getting debit reforms passed in Congress and we look forward to continuing to work with the Federal Reserve to set an accurate rate that reflects the true costs in the payment system.”
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 $1.5 trillion in annual sales, millions of American jobs, and more than 100,000 stores, manufacturing facilities, and distribution centers domestically and abroad.
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