Support Swipe Fee Reform

  • Posted on: 26 May 2011
  • By: admin

For business owners, one of the most significant changes to come out Federal financial reform were new regulations on fees banks and credit card companies can charge on debit card transactions.

Swipe fee reform for small businesses was passed last year and is set to go into effect this summer, but Wall Street's army of lobbyists is swarming Capitol Hill trying to delay this common sense legislation for another 2 years. Make no mistake, delaying these reforms is allowing it to die quietly.

Swipe fees for small businesses are overly burdensome. They've been rising for the past 10 years. They now amount to $16 Billion businesses fork over to the card companies and Wall Street banks every year. Senators Snowe and Collins both voted to cap debit card swipe fees at “reasonable and proportionate rates” and are now thinking of voting to delay these rules from taking place.

This is the biggest thing Congress has done for small business; don't let them roll it back! Every month of delay is another billion dollars businesses like yours are giving to Wall Street.

Sign below to add your business to the list of Maine businesses supporting swipe fee reform.