WASHINGTON— The Merchants Payments Coalition, representing 2.7 million U.S. businesses, released the following statement thanking Senator Jeff Bingaman (D-NM) and Senator Tom Udall (D-NM) 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 (D-IL). Specifically, the measure will ensure the debit card transactions are reasonable and proportional to the cost of processing the transaction:
“Yesterday, Senators Bingaman and Udall stood strong for Main Street businesses and our customers. With this courageous vote, the Senators 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 Senator Bingaman and Senator Udall’s votes, 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 New Mexico urged Senator Bingaman and Senator Udall to vote for swipe fee reform. A total of 26,235 New Mexico 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.