Today, the Retail Industry Leaders Association (RILA) reiterated its strong opposition to any financial reform package that rolls back the Durbin Amendment (swipe fee reform). Following the announcement by House Financial Services Chairman Jeb Hensarling that he would include repeal of swipe fee reform in his Financial CHOICE Act, Austen Jensen, vice president, government affairs for RILA issued the following statement.
“Preserving swipe fee reform is essential for the retail community and will remain our top priority in the debate over financial reform. If repealing this critical reform remains a part of the CHOICE Act, retailers will remain opposed.
“The nation’s largest banks and credit card companies are raking in record fees and record profits—and passing out record bonuses. Financial reform should not be a vehicle for Wall Street to get even fatter on the backs of Main Street.
“Financial reform efforts that cut red tape and improve the ability of small and mid-size companies to access capital will be met with open arms by the retail community. But retailers will fight any effort that gives the largest banks and credit card companies a green light to fleece merchants and our customers again.”
Wall Street Is Back and It’s Bigger than Ever - Fortune (4-7-17)
It’s good to work on Wall Street again.
Employees in New York’s financial services sector took home on average $138,210 in bonuses for 2016 — the first time the bonus pool rose in three years thanks to a surge in bank profits, according to a Wednesday report from New York State Comptroller Thomas P. DiNapoli. (New York Post, 3-15-17)
Wells Fargo’s Aggressive Sales Tactics Hit Small Firms - (Wall Street Journal 4-5-17)
RILA is the trade association of the world’s largest and most innovative retail companies. 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.