RILA Leads Charge to tell Congress to Uphold Debit Swipe Fee Reform
Thanks to well-established swipe fee reforms passed by Congress in 2010, consumers have saved billions and marketplace competition has strengthened. Today, the biggest banks and their allies with the most access are gearing up to repeal these sensible safeguards. This will squeeze the already small profit margins of our nation's retailers, costing jobs and hurting our communities.
Upholding debit swipe fee reform is one of the most pressing matters for America's retailers. Debit swipe fees are merchants' 2nd highest operational cost only to labor. Before Congress passed swipe fee reform, big banks and card companies had free reign to rule over debit swipe fees and set them at will. This cost Main Street billions.
Repealing debit swipe fee reform will hurt retailers and consumers by strengthening the duopoly of Visa and MasterCard to extract more money than ever before.
Affecting our supermarkets, drugstores, discount retailers, convenience stores and gas stations – which all operate on extremely low margins and are the places where debit cards are used the most.
Now is not the time to hurt America's retailers and consumers with another bailout of the biggest banks. With swipe fee reform, consumers save billions and marketplace competition is strengthened.