ARLINGTON, Va. — The Food Marketing Institute on Wednesday issued the following statement from Leslie G. Sarasin, president and chief executive officer, on Amendment 3932 to the Restoring American Financial Stability Act of 2010 (S. 3217).
"Today, the Senate will take a landmark vote on an amendment offered by Sen. Durbin to protect our nation's retailers from out-of-control debit-card increases and unfair business practices. The Food Marketing Institute, on behalf of your neighborhood grocers and the families we feed in our communities every day, strongly encourages members of the Senate to support amendment 3932.
"This will be one of the most critical votes taken this year that will affect the supermarket industry. Interchange swipe fees have grown exponentially over the past decade and are one of the highest costs of doing business in our industry. Just last month, Visa Interlink raised rates an estimated 30% on PIN debit transactions without any justification.
"We hope the Senate will choose to protect community retailers from these kind of abuses by supporting this common-sense amendment today."
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