Jason Brewer: May 10, 2017

Retailers Voice Concerns About CHOICE Act

New Bill Would Repeal Swipe Fee Reform

 

Jason Brewer

Executive Vice President, Communications & State Affairs RILA

 

 

The Retail Industry Leaders Association (RILA) recently responded to the House Financial Services Committee’s introduction of the CHOICE Act, legislation that would roll back many of the financial reforms passed in the wake of the financial meltdown in 2008. Retailers have vowed to fight any financial reform bill that repeals swipe fee reform, bipartisan legislation passed in 2010 that stopped large banks and card networks from charging merchants exorbitant fees on debit card transactions.

The CHOICE Act gives the largest banks and card networks a green light to charge billions in higher fees from every business in America that accepts debit cards.   Repealing swipe fee reform is a billion-dollar giveaway to banks that are generating record profits and passing out record bonuses; it’s a poison pill for any bipartisan effort to enact meaningful financial reform. Higher fees from banks would undoubtedly mean higher prices for consumers.

Retailers believe repealing swipe fee reform is bad for the economy and bad for America. Americans agree.

  • 76 percent of all voters believe that big banks got a bailout while millions of Americans were left to suffer.
  • 63 percent of Trump voters (67 percent of all voters) believe that banks are taking advantage of retailers.
  • 55 percent of all voters oppose swipe fees of any kind.

On Wednesday, May 10th, Jason Brewer is available to you and your listeners to offer insight into the CHOICE Act, swipe fee reform and how you can voice your concerns regarding swipe fee legislation with your elected officials.

For more information go to: www.rila.com

MORE ABOUT JASON BREWER:

Jason Brewer leads RILA’s state affairs and grassroots advocacy campaigns, in addition to managing the organization’s strategic communications efforts. Brewer works closely with our partners at the state level to ensure retailers’ issue priorities are well-represented and communicated effectively to policymakers.

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