Merchants Payments Coalition: Senators Feingold and Kohl stand up to credit card companies, vote to support small business and consumers

Contact: Taylor West

(202) 261-2382

Main Street merchants applaud Senators Feingold and Kohl for taking immediate action to reduce credit and debit card swipe fees

WASHINGTON— The Merchants Payments Coalition, representing 2.7 million U.S. businesses, released the following statement thanking Senators Feingold (D-WI) and Kohl (D-WI)for their support after the U.S. Senate voted to include commonsense swipe fee reform in the Restoring American Financial Stability Act of 2010 through an amendment introduced by Sen. Richard Durbin. Specifically, the measure will ensure the debit card transactions are reasonable and proportional to the cost of processing the transaction:

“Yesterday, Senator Feingold and Kohl stood strong for Main Street businesses and our customers. With this courageous vote, the Senator did the right thing by voting in favor of merchants and consumers.”

“Swipe fees have spiraled out of control in recent years, and this amendment is necessary to rein in these excessive fees and ensure that Main Street receives a fair shake. These fees are harmful across the board – from large businesses to small retailers to American consumers.”

“Because of Sens. Feingold and Kohl’s vote, business owners and their customers are one step closer to real, tangible reform. This amendment will enhance transparency and help protect businesses and their customers alike from these unfair, hidden fees.”

“Now that the Senate has acted in such a strong and unambiguous way, business owners across the country hope that Congress will continue moving forward with this measure to bring fairness to credit and debit card swipe fees – and that it eventually reaches President Obama’s desk to become law.”

Consumers across Wisconsin urged Senators Feingold and Kohl to vote for swipe fee reform. A total of 75,046 consumers signed petitions in their local convenience stores asking for immediate action to support merchants and customers. 7-Eleven and the National Association of Convenience Stores delivered those petitions to Washington DC and the local Senate offices.

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The Merchants Payments Coalition is a group of retailers, supermarkets, drug stores, convenience stores, fuel stations, on-line merchants and other businesses who are fighting against unfair credit card fees and fighting for a more competitive and transparent card system that works better for consumers and merchants alike. The coalition’s member associations collectively represent about 2.7 million stores with approximately 50 million employees. For more information about credit card swipe fees, please visit http://www.UnfairCreditCardFees.com.