WASHINGTON, D.C. – More than 620 businesses have signed a letter to congressional leaders asking them to not overturn swipe fee reform. The letter noted that the financial reforms “are critical to U.S. businesses and our customers. The debit card fee and rule reforms prescribed in Section 1075 of the Wall Street Reform and Consumer Protection Act have provided significant relief to Main Street businesses from anti-free market practices employed by global credit and debit card brands.”

The retailers, which included convenience store owners, restaurateurs, grocers and a host of other industries, highlighted the importance of debit card reform, along with the need for other reforms “in the credit card marketplace to improve payment acceptance as the United States continues to adopt new and innovative ways to pay in the mobile and e-commerce spaces. Debit card reforms have been a major step in the right direction, and any removal of those reforms would be a monumental step in the wrong direction for U.S. businesses and consumers.”

The signers concluded that language in the Financial Choice Act “would dismantle the substantial progress debit reforms have made in correcting in part an otherwise non-functioning, and non-transparent card acceptance marketplace in the United States. We strongly urge you not to take up any divisive legislation that repeals debit reforms. Existing debit card fee reforms matter a great deal to our individual businesses.”

NACS and its members urge Congress to protect debit swipe fee reform and keep the Durbin Amendment intact. Since its implementation, debit reform has resulted in consumer savings of nearly $6 billion per year and supported more than 37,000 jobs per year. For more on swipe fees—the history of the issue and what’s coming down the pike—read “What’s New With Swipe Fee Reform?” in the September issue of NACS Magazine.