WASHINGTON, D.C. – If there’s one thing retailers can agree on it is that debit swipe fee reform has been good for their customers and their businesses. Now debit reform is in jeopardy of being repealed in Congress. NACS needs your help to keep debit reforms in place.

Last week, House Financial Services Chairman Jeb Hensarling (R-TX) released text for his Financial CHOICE Act, which includes a full repeal of debit swipe fee reform. Passing his CHOICE Act is Hensarling’s top priority this year.

The House Financial Services Committee will hold a hearing on Wednesday to discuss the Financial CHOICE Act. The inclusion of a repeal of debit reform is supported by the banking and credit card industries, who have launched media campaigns advocating for repeal. If their efforts are successful, the debit reforms we fought so hard to achieve will go away, debit swipe fees and network fees will once again skyrocket, and the savings our customers have seen will disappear.
Repealing these reforms will only benefit the top banks and the credit card giants, which will continue to price-fix the fees merchants pay.

“It is likely the legislation could be considered on the House floor as early as mid-May, which is why it’s imperative that your representative hear from you today. Lawmakers need to hear directly from employers, employees, and consumers in their districts about why debit reform must be protected and what it will mean for them if Congress repeals it. It will mean $8 billion per year taken away from consumers and Main Street businesses and given to the largest banks,” Anna Ready, director of government relations at NACS, told NACS Daily.

To send a pre-drafted letter to your representative in just two minutes, visit the NACS grassroots portal here.

NACS, along with members of the Merchants Payments Coalition, are advocating on Capitol Hill and educating lawmakers on the benefits of debit reform, which has saved consumers and businesses $40 million since it went into effect in 2010. For more information, please contact Ready at aready@nacsonline.com.