Industry applauds House passage of swipe fee legislation
ARLINGTON, Va. Retail industry groups on Wednesday praised the House of Representatives for passing the conference report to H.R. 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act, which includes a provision to regulate interchange fees set by banks and credit card companies.
The Food Marketing Institute’s president and CEO Leslie Sarasin on Wednesday said the “ [237-192] vote caps more than a decade of work by FMI and our members to educate members of Congress about these excessive fees and their impact on our customers. This vote is incredibly important to both merchants and consumers and is the beginning of a process that will provide greater transparency in credit and debit transactions. It will give merchants the ability to more efficiently plan their operational costs for the benefit of their customers.”
If the conference report passes in the Senate, President Obama has said he intends to sign it and make it law.
According to FMI, consumers have been paying more than $50 billion a year in hidden interchange fees to credit card companies and banks. Interchange fees are collected by banks and credit card companies each time a consumer uses a credit or debit card to make a purchase. Since theses fees are hidden, consumers are unaware of the costs associated with their cards, FMI suggested.
The Retail Industry Leaders Association also praised the passage, stating that “although the merchant community gave up some additional reforms during the conference process, the resulting compromise represents a major step in the right direction for those who accept credit and debit cards. By focusing narrowly on financial institutions at that heart of the problem, the swipe fee reforms included in the Dodd-Frank Act address the out-of-control fees, while excluding smaller banks and credit unions from reforms,” the industry said through a statement by SVP government affairs John Emling.
The legislation passage in the House also drew response from theNational Retail Federation’s SVP and general counsel Mallory Duncan.
“The House has sent a clear message that big banks shouldn’t be allowed to drive up consumer prices by charging fees that are outrageously out of proportion to the actual cost of processing a transaction,” Duncan said. “The requirements of this bill should result in debit card swipe fees that are truly ‘reasonable’ and ensure that banks can’t put their hands quite as far into consumers’ wallets as they do today.”
Pampers by Cynthia Rowley hitting Target shelves in July
CINCINNATI Pampers has teamed up with renowned fashion designer Cynthia Rowley to bring fashionable diapers to Target shoppers this summer.
Pampers by Cynthia Rowley will be available in 11 colorful styles — for boys and girls — beginning in mid July at Target stores and on Target.com. Pampers by Cynthia Rowley incorporate a beautiful look and feel — giving discerning parents high performance, value and choice of style. The diaper collection, which will be available in pastel designs, including madras, stripes and printed ruffles, is suited specifically to babies and toddlers and delivers the perfect blend of utility and aesthetics.
“Of course parents want the very best for their little ones,” said Jodi Allen, Procter & Gamble’s VP North America baby care. “We also know that sometimes it’s the little things — like how a baby is clothed — that can bring added joy to mom and dad. While performance always comes first, we know that design is also important to parents. We’re pleased to introduce the first diaper line that brings together the best of these two worlds.”
Eisai, SuperGen release data for Dacogen trial
DUBLIN, Calif. Japanese drug maker Eisai has released data on a late-stage clinical trial of a drug for leukemia, Eisai’s development partner said Wednesday.
SuperGen said that while the injectable drug Dacogen (decitabine) did not show statistically significant superiority in overall survival in elderly patients with acute myeloid leukemia compared over treatments given to patients in the control group, “a trend was evident.”
Based on findings, Eisai plans to submit a regulatory application to the Food and Drug Administration seeking approval for Dacogen as a treatment for elderly patients with AML. The drug already is approved to treat myelodysplastic syndromes.