NACS, MPC Urge Congress to Move Forward on Swipe Fee Reform

NACS will 'key vote' any letters signed, legislation co-sponsored, or legislation voted upon to delay, amend or repeal recently enacted debit card swipe fee laws.

March 01, 2011

ALEXANDRIA, VA - NACS and more than 185 national and state associations signed and delivered letters to Capitol Hill on Monday urging every member of Congress to allow implementation of swipe fee reform to move forward.

"Derailing swipe fee reform would take more than $10 billion per year out of consumers€™ pockets and kill more than 95,000 new jobs," the letter urged.

NACS has also told Congress that it will "key vote" any letters signed, legislation co-sponsored, or legislation voted upon to delay, amend or repeal recently enacted debit card swipe fee laws, noted NACS Senior Vice President of Government Relations Lyle Beckwith. Groups key vote only very select issues in which they communicate to their stakeholders how every member of Congress voted on a specific issue. It is meant to signify extreme interest on a specific issue.

"This issue is unlike any other we have faced in business," notes the letter. "We have repeatedly sought to negotiate with the card companies to reform to this broken market and bring savings to our customers."

"We would urge you to learn more about the issue, listen to all sides, and not sign letters or support legislation that seek to delay, repeal or modify the proposed rule. We urge you to stand with your small Main Street merchants and their customers and allow swipe fee reforms to take effect on time," the letter concludes.

Read the letter here.

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