NCASEF Chairman Statement On Swipe Fee Reform
Bruce Maples, Chairman
National Coalition of Associations of 7-11 Franchisees
The National Coalition of Associations of 7-Eleven Franchisees, representing nearly 5,000 small businesses across the country, strongly opposes the last minute attempt by the major banks and credit card companies to arbitrarily delay the implementation of interchange fee reform that Congress passed last year.
This desperate maneuver, masquerading as pro-business in the form of an amendment to a bill that is designed to support small businesses, will do great harm to nearly 40,000 employees of franchise-owned 7-Eleven stores, their families and their customers. The massive fees that these reforms would responsibly limit today cost merchants $12 billion a year, or $33 million per day, which our franchisees have no other choice than to pass on to their customers. Ironically, delaying these important reforms will cause greater harm to the very people on whom bonus casino credit card companies rely for their profits, the American worker. We simply can’t stand by and watch the small business infrastructure on which our economy is built collapse under the weight of the big and powerful banking interests that will allow profit potential to trump the will of the people.
We urge Congress to oppose any attempt to delay the important reforms that it successfully passed last year. Hearings have already been held, alternatives have already been considered, and Congress has already voted. It’s time for the Federal Reserve to complete the process.
# # #