ARLINGTON, Va., May 24, 2017 /PRNewswire-USNewswire/ -- Today,
the Retail Industry Leaders Association (RILA) responded to news
that House Republicans leaders were removing the repeal of swipe
fee reform (Durbin Amendment) from the Financial CHOICE Act before
it is voted on by the full House. Retailers opposed efforts to
repeal the bipartisan provision passed in 2010 as part of
Dodd-Frank that stopped large banks and card networks from charging
merchants exorbitant fees on debit card transactions.
"Preservation of swipe fee reform is an important victory for
retailers and consumers who would have faced higher fees from the
country's largest banks with every swipe of a debit card," said
Austen Jensen, Vice President of
Government Affairs and Financial Services for RILA.
"This victory should finally put to rest efforts to repeal
the debit reforms that have saved retailers and their customers
billions in hidden fees. With this matter settled, RILA looks
forward to supporting key provisions in the CHOICE Act as this
legislation moves forward in the House."
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.
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SOURCE Retail Industry Leaders Association