Jun 8, 2011
ARLINGTON, VA — June 8, 2011 — Food Marketing Institute (FMI) issued the following statement in response to today’s successful Senate vote to end abusive swipe fees that target small businesses:
“FMI applauds the 45 Senators who voted to support their neighborhood grocery stores and their customers today. There is no doubt in my mind that customers will see savings returned to their pockets once this rule is finalized,” says Leslie G. Sarasin, president and chief executive officer of FMI.
Sarasin continues, “This is a critical issue to the survival of small businesses. Since 2008, more than 1,000,000 businesses have failed costing 3.6 million jobs and many report the growth of swipe fees as a strong contributor to their demise.”
“The ball is now in the Federal Reserve’s court to publish a final rule and move toward the required July 21 implementation deadline.”
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