Retailers urge Fed nominee to highlight debit rule revision

09/04/2025

The Retail Industry Leaders Association (RILA) issued the following statement ahead of Stephen Miran’s, Chair of the Council of Economic Advisors, appearance before the Senate Banking Committee as nominee to be a Member, Board of Governors of the Federal Reserve System:

“As Chair Miran appears before the Senate today, retailers encourage a robust discussion about the importance of quickly updating the debit interchange rule in the wake of the recent district court decision rejecting the Federal Reserve’s flawed debit rule from 2011. For far too long, the rule has imposed excessive costs on merchants and their customers,” said Austen Jensen, RILA’s senior executive vice president, public affairs. “We hope that Miran and Senators highlight the critical need for the Board to correctly revise the debit rule to align with the original intent of the Durbin Amendment.”