ARLINGTON, VA — July 21, 2010 — The Food Marketing Institute (FMI) hailed the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, signed by President Obama today. The law will reform debit card swipe fees set by banks and credit card companies.
“Retailers and their customers are winners today,” said Leslie G. Sarasin, FMI President and Chief Executive Officer. “Consumers have been paying more than $50 billion a year in hidden swipe fees to credit card companies and banks every time they swipe their credit or debit card. We applaud the President for signing this law to bring fairness and transparency to these fees.”
FMI is a founding member of the Merchants Payments Coalition (MPC), a group of nearly 100 associations representing retailers, supermarkets, drug stores, convenience stores, fuel stations, online merchants and other businesses that accept debit and credit cards. FMI serves as the chairman of the legislative subcommittee of the MPC. FMI and the coalition have been working for more than a decade to educate Members of Congress on the need for a more competitive and transparent card system. The coalition’s member associations collectively represent some 2.7 million stores with about 50 million employees.
Source: The Food Marketing Institute
