NACS Urges Member Support for Swipe Fee Amendments

'We must keep the pressure on Congress to take action,' says NACS President and CEO Hank Armour, urging members to support financial overhaul amendments offered by Sen. Richard Durbin.

May 04, 2010

ALEXANDRIA, VA - After learning late on May 3 that Senator Richard Durbin (D-IL) has filed amendments to the Senate€™s financial services regulatory overhaul legislation, which would make reasonable reforms to the credit and debit card systems, NACS President and CEO Hank Armour contacted NACS members urging them to contact their senators to support the amendments.

"Our five-year battle to pass swipe fee reform legislation continues on Capitol Hill," noted Armour. "This week, the Senate is considering financial services regulatory overhaul legislation. Two amendments have been introduced that deal directly with our issue. The first, Durbin/Leahy/Landrieu amendment 3771, would allow merchants to offer discounts, steer between card brands and to set minimum transaction amounts. he second, Durbin amendment 3769, would give equality for check card and paper check fees €" meaning that debit interchange, or 'swipe,€™ fees could be significantly reduced or eliminated."

Armour urged NACS members to call the senators from every state in which they do business and let them know that interchange fees are having a devastating impact on business and are raising costs for consumers.

"Members of Congress listen when their constituents speak up. We saw this with the 2 million signatures that our industry delivered to Congress last week asking to 'Fight Swipe Fees€™. We must keep the pressure on Congress to take action. It is essential for all NACS members to contact their senators and urge them to support Senator Durbin€™s amendments. To make this effort a success, we need individual retailers throughout the country to ask their senators to support this effort," noted Armour.

Retailers can contact their senators via the Capitol switchboard toll-free at (877) 224-0041 or call them directly at their Senate and district offices.

"Make sure you give them your name, address and store locations/number of employees in the state. We don€™t know the exact timing of the vote€¦so please call ASAP" to "ask senators to vote yes on amendments 3771 and 3769," said Armour.

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