FMI praises passage of swipe fee law

ARLINGTON, Va. The Food Marketing Institute on Wednesday hailed the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, signed by President Obama this week. The law will reform debit card swipe fees set by banks and credit card companies.

“Retailers and their customers are winners [today],” stated Leslie Sarasin, FMI president and CEO. “Consumers have been paying more than $50 billion a year in hidden swipe fees to credit card companies and banks every time they swipe their credit or debit card. We applaud the President for signing this law to bring fairness and transparency to these fees.”

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