Leahy: Senate Interchange Defeat to Put Money in Vermonter Pockets Posted by AVCU on 8:50 PM

Vermont Senator Patrick Leahy's comment on the Senate defeat of so-called swipe fee reform delays sought by credit unions: 

“Next month the Federal Reserve will implement long-overdue reforms to rein in excessive swipe fees that banks charge merchants whenever consumers use debit cards for their purchases.  These sky-high fees are hurting small businesses in Vermont and across the country, adding costs that mean higher prices for consumers.  I opposed this attempt to delay implementation of these new rules.  This vote is an all-too-rare victory for consumers and America’s Main Street economy.  Amid our fragile economic recovery, we cannot delay any effort to ease the burden on small merchants and hardworking Vermonters.

I supported adding these provisions to last year’s Wall Street Reform Bill, along with other reforms that I championed to ensure that small businesses can offer discounts to consumers for paying by cash instead of by credit card, and to make sure small businesses cannot be prohibited from setting minimum transaction amounts when cards are used.  These reforms will deliver pocketbook benefits to Vermonters.  Because of these reforms, Vermonters will no longer have to pay more for a gallon of milk simply because the credit card companies are demanding high fees on small transactions, or because banks will not let grocers offer discounts for cash over credit.”

To write to Senator Leahy go to  http://leahy.senate.gov/contact/