Washington, D.C. -- On Wednesday, the Senate rejected the Tester-Corker amendment to delay swipe-fee reform.
“This is a landmark victory for American consumers that will give them the break from skyrocketing swipe fees that they have been seeking for years,” said Matthew Shay, president and CEO of the National Retail Federation. “With the economy still trying to gain momentum and consumers facing skyrocketing costs for necessities like food and fuel, this badly needed reform will help ensure our nation’s economic recovery. It will prevent more than a billion dollars a month from being pocketed by big banks and, in turn, allow retailers to hold down prices for consumers.
Congress came to the right conclusion last year -- hidden swipe fees charged by big banks have driven up prices far too much for far too long, Shay added.