FOR IMMEDIATE RELEASE: 4.3.2017
March Badness: Final Shot for Main Street
Swipe Fee Reform Repeal Would Crush Consumers and Main Street
– Tonight, as the elite of men’s college basketball take to the court to compete for the NCAA National Championship, the elite of Wall Street are preparing their own victory celebration over Main Street. Earlier this month, the Alliance for Main Street Fairness (AMSF), an organization committed to championing issues important to small businesses, released its bracket
for this year’s March Badness, the latest iteration of Wall Street’s attempt to harm Main Street.
Unlike the NCAA Tournament, where underdogs can pull off an upset at any time, in March Badness, the big banks always win.
Despite raking in nearly $1 trillion in profits since the financial crisis, Wall Street lobbyists are aggressively targeting regulations that prohibit the big banks from gouging retailers and customers with exorbitant swipe fees, claiming they’re costly and complicated. Yet, according to reports
, Wall Street employees are taking home higher bonuses this year, thanks to a surge in bank profits.
“Despite being bailed out by the American public after the financial crisis, the big banks have the gall to complain about rules that protect small businesses and consumers,” said Kevin Lawlor, a spokesperson for AMSF. “Arguments that claim repealing Swipe Fee Reform is necessary for the well-being of the big banks are not grounded in reality. This is really only about Wall Street fat cats stuffing their own pockets at the expense of everyone else.”
Until swipe fee reforms were implemented following the collapse and near-collapse of the titans of Wall Street, small businesses were forced to accept and pay whatever fees banks sought to charge on debit card purchases. In the decade before the financial crisis, combined credit card and debit card swipe fees tripled to roughly $50 billion a year. The regulations put in place since then are the only thing preventing Wall Street from resuming the abusive practices.
As part of the effort to condemn March Badness, AMSF launched a public awareness campaign on Capitol Hill encouraging people to fill out their brackets and learn more about the issue.
• Chart: AMSF March Badness Bracket
• Infographic: Wall Street’s Greedy Fangs
• Talking Points: Big Banks + Big Credit = Big Losses
• Research: Historic Banking Dates in March
The Alliance for Main Street Fairness (AMSF) is an organization committed to championing issues important to small businesses.
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