FMI Statement on Historic Justice Department Enforcement Action of Card Network Rules

ARLINGTON, VA — October 4, 2010 — The Food Marketing Institute (FMI) released the following statement from President and Chief Executive Officer Leslie G. Sarasin on today’s announcement by the United States Department of Justice on enforcement action against the anticompetitive credit card practices of Visa, MasterCard and American Express:   

“This is a monumental development for supermarket retailers and most importantly, their customers. Supermarkets have been prevented by credit card companies from accepting less expensive forms of plastic, ones that do not require the merchant to pay excessive fees just for the privilege of accepting a particular card, thus essentially preventing competition.

The Food Marketing Institute and our members have met with officials from the Justice Department during the past several years to explain how anticompetitive practices used by Visa and MasterCard impact supermarkets. We believe this is a positive development when Justice Department action, supported by seven state attorneys general, mirrors legislation passed by Congress and intended to benefit consumers."

About FMI

As the food industry association, FMI works with and on behalf of the entire industry to advance a safer, healthier and more efficient consumer food supply chain. FMI brings together a wide range of members across the value chain — from retailers that sell to consumers, to producers that supply food and other products, as well as the wide variety of companies providing critical services — to amplify the collective work of the industry. www.FMI.org