ARLINGTON, VA, 2016-Sep-14 — /EPR Retail News/ — The National Grocers Association (NGA) today (Sep 13, 2016) issued the following statement in response to a House Financial Services Committee markup of the Financial CHOICE Act of 2016 (H.R. 5983), a bill that repeals debit card swipe fee reform, also known as the Durbin Amendment that was passed in the 2010 as a part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
NGA Senior Vice President of Government Relations and Public Affairs Greg Ferrara said: “Since its passage six years ago, the Durbin Amendment has brought competition and transparency into a payment system that has historically been void of it. Repealing these reforms would have negative impacts on the independent supermarket industry and the consumers it serves. We need to ensure more competition within the debit market – not remove it.”
“NGA is disappointed to see members of the House Financial Services Committee side with Wall Street banks over Main Street grocers and merchants. Repeal of these important reforms is simply another gift to the nation’s biggest banks and card networks. NGA and our members are committed to defeating this legislation so long as it continues to include repeal of the Durbin reforms.”
Yesterday, NGA sent a key vote letter to members of the House Financial Services Committee urging them to oppose the CHOICE Act. Click HERE to view the letter.
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Source: National Grocers Association