Matthew Shay, president and CEO of the National Retail Federation, has issued the following statement upon Senate rejection of the Tester-Corker amendment to delay swipe fee reform:
"This is a landmark victory for American consumers that will give them the break from skyrocketing swipe fees they have been seeking for years.
"With the economy still trying to gain momentum and consumers facing skyrocketing costs for necessities like food and fuel, this badly needed reform will help ensure our nation's economic recovery. It will prevent more than a billion dollars a month from being pocketed by big banks and, in turn, allow retailers to hold down prices for consumers.
"Congress came to the right conclusion last year – hidden swipe fees charged by big banks have driven up prices far too much for far too long. The National Retail Federation and America's retail merchants commend the Senate for standing by last year's vote and for voting on the side of American consumers."
As the world's largest retail trade association and the voice of retail worldwide, the National Retail Federation's global membership includes retailers of all sizes, formats and channels of distribution as well as chain restaurants and industry partners from the U.S. and more than 45 countries abroad. In the U.S., NRF represents the breadth and diversity of an industry with more than 1.6 million American companies that employ nearly 25 million workers and generated 2010 sales of $2.4 trillion.
