Financial CHOICE Act Would Gut Reforms that Protect Small Businesses
Swipe fee repeal on the table during House Financial Services Committee Hearing
For Immediate Release: 4.25.2017
WASHINGTON, D.C. – On Wednesday, April 26, the House Committee on Financial Services will hold a hearing to discuss the Financial CHOICE Act, a bill that would repeal common sense debit swipe fee protections that help local Main Street businesses. Prior to the hearing, The Alliance for Main Street Fairness (AMSF) is reminding Members of Congress that Visa, MasterCard and the large banks would once again seek to profit nicely at the expense of small business owners and consumers by raising costs for every business that accepts debit cards.
The Financial Services Committee, led by Rep. Jeb Hensarling (R-TX), says the Financial CHOICE Act “grows the economy from Main Street up, creates more opportunities for working families to get ahead, and levels the playing field with no more Wall Street bailouts." However, the facts show the opposite. Passing the Financial CHOICE Act will ultimately repeal swipe fee protections – driving up costs for small businesses and their consumers, hinder job creation and growth, and continue to line the pockets of the same big banks that caused the 2008 crisis. In its first year, swipe fee reform actually saved consumers over $5 billion and supported 37,000 jobs. Further, these reforms increased healthy competition for debit transactions, effectively lowering debit transaction costs for retailers and consumers.
“Keeping these reforms intact is vital to the survival and success of small businesses throughout America,” said Kevin Lawlor, a spokesperson for AMSF. “We encourage the committee to recognize the impact repealing this sensible reform will have on local businesses in their districts. Big banks are shamelessly misleading Congress that repeal will help small businesses. But in reality, it will only enrich the biggest banks and the credit card companies.”
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The Alliance for Main Street Fairness (AMSF) is an organization committed to championing issues important to small businesses.
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