May 13, 2010
ARLINGTON, VA — May 13, 2010 — The Food Marketing Institute (FMI) issued the following statement from Leslie G. Sarasin, president and chief executive officer, on the Senate’s approval today by a vote of 64 to 33 of Amendment #3989 to the Restoring American Financial Stability Act of 2010 (S. 3217):
“Today the Senate took a major stride toward restoring fairness and reason to the debit card interchange fee system by approving Senator Durbin’s amendment. Requiring that the fees be based on the actual cost of debit card payments will generate significant savings, benefiting retailers and, ultimately, consumers.
“Customers will benefit as the amendment allows retailers greater flexibility in offering them discounts for lower-cost forms of payment.
“We applaud Senator Durbin for his leadership in addressing this issue and urge Congress to move forward in fostering the creation of a truly competitive and transparent interchange fee system.”
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