Business Owners Head To DC, Lobby For Lower Debit Card Swipe Fees
DETROIT (WWJ) - Southeast Michigan small business owners are traveling to Washington, D.C. to meet Thursday with legislators to ask that new rules that would lower debit card swipe fees be enacted this summer, as scheduled.
The Michiganders will join more than 50 small business owners from across the country, along with the organization "Reform Swipe Fees NOW."
Last year, Congress passed and the President signed into law important bipartisan reforms that would help ensure excessive debit card swipe fees become "reasonable and proportional" to the overall cost of processing each transaction. As a result, new rules regulating debit card swipe fees are scheduled to take effect July 21.
Over the last year, however, Wall Street has financed an aggressive and misleading campaign to undo reform. For their efforts, there is legislation currently on the table in both the House and the Senate that would delay reform in an effort to repeal it altogether.
Now, just weeks before the new rules are scheduled to take effect, high-priced lobbyists for the banks and credit card companies are pulling out all the stops in an attempt to derail this needed reform.
Unfortunately, any delay would mean business as usual for the banks – which would continue to hinder the ability of small business owners in Michigan and across the U.S. to grow their businesses, offer better pay to employees and pass savings on to their customers.
These local business owners hope to protect these critical benefits. Board member of The Chaldean American Chamber of Commerce in Southfield Eric Younan will be among those at the nation's capital.
"I'm looking forward to talking with our Senators and Representatives to ask for help in protecting Michigan's small business and consumers, and the commonsense swipe fee reforms as passed by Congress last year," Younan said in a statement.
"These reforms will really make a difference for folks like me on Main Street and so we're counting on members of Congress to stand up to the big banks and make good on the promises that they made last year."
Click here to read more about the swipe fee debate.
