This week the American Bankers Association and Wall Street's largest banks are hitting the Hill and urging Congress to repeal hard-fought debit swipe fee reform. These reforms have not only saved consumers billions, but inserted competition into the marketplace where there was none.
Despite Wall Street seeing a record-breaking $1 trillion in profits since the financial crisis, they still want more. They said as much in a letter to House Leadership on Friday.
Repealing swipe fee reform will just be another windfall for the largest banks in America on the backs of the merchant community. Don't fall for the rhetoric coming from Wall Street—they're doing just fine.