Small Business Advocacy Pays Off

  • Posted on: 10 June 2011
  • By: admin

Lately I've been calling upon MSBC members like you a lot -- to testify in Augusta, to call members of the Legislature and Congress, and to sign letters of support. I appreciate how so many of you have pitched in so readily and so often.

Though we by no means win every battle, yesterday, our advocacy for small business paid off in a very real way.

Senators Snowe & Collins voted with the majority in the Senate to cap debit swipe fees at reasonable and proportional rates, putting an end to overly burdensome fees on transactions that line the pockets of Wall Street bankers to the tune of $16 billion every year.

This reform came in large part due to your advocacy. Starting next month, debit swipe fees will be dramatically reduced. If your business relies on frequent debit transactions, then this is advocacy that literally pays off.

Thanks again,

Nate Libby
Director, Maine Small Business Coalition