Retailers Rally in Washington D.C.
Retailers rally. Immediately in front of microphone, from left Todd McCracken, President, National Small Business Association
Dennis Lane, 7-Eleven franchise owner, Hank Armour, President CEO, National Association of Convenience Stores. Photo credit: RILA
More than 150 retailers gathered March 10 on a rainy morning in front of the U.S. Capitol in Washington D.C. to ask Congress and the Federal Reserve to protect debit card swipe fee reforms.
The reforms could save retailers millions of dollars each year, according to Retail Industry Leaders Association, which helped organize the rally. Banks charge swipe fees to retailers every time a purchase is made on a debit card.
Debit card swipe fee reform was part of the massive financial-overhaul bill, which was passed last year. President Obama signed the bill into law, but the important details on how much to cut debit card swipe fees was left up to the Federal Reserve.
There’s been a massive lobbying effort in Washington D.C. scale back the reform this year, and the debate over the scale of swipe fee reform is nearing its end. The Federal Reserve will make its decision on the scale debit card reform on April 21. The reform will be implemented in July.
