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DEBIT CARD SWIPE FEE REFORM LOWERS PRICES, CREATES JOBS
Arlington, VA: The Merchants Payments Coalition announced today that a study by noted economist Robert Shaprio of Sonecon LLC shows that debit card swipe fee reforms put $5.8 billion in consumers hands through lower prices. The debit fee reform also saved merchants $2.6 billion in 2012. The lower prices to consumers led to increased spending , which in turn helped create 37,501 new jobs.
These savings and job gains, however, could have been substantially larger had the fees been cut to 12 cents as originally recommended by the Federal Reserve. If that cut had been implemented, an additional $2.79 billion would have been generated in consumer savings, $1.2 billion in merchant savings and 17,824 more jobs would have been created.
If swipe fees for all credit card transactions had been held to the same level as debit fees in 2012, consumers would have saved an additional $15.4 billion, merchants would have saved another $6.9 billion, which would have supported 98,600 new jobs per year. With both debit and credit reform in place, consumers and merchants would have realized total annual savings of $34.9 billion, creating a total of 153,976 jobs every year.
Upon release of the study NGA President and CEO Peter Larkin issued the following statement: "While the Federal Reserve Board's rule incorrectly allowed debit swipe fees to be raised on small purchases and could have produced even more benefits for consumers and merchants by lowering fees to the more reasonable and proportional levels originally proposed, this study clearly illustrates consumers and the economy benefitted from the passage of the Durbin Amendment. The study also reinforces that more needs to be done to correct the mistakes of the Federal Reserve on debit fees and to curtail the excessive credit card fees that burden America's consumers and merchants. It is truly unfair that American swipe fees are the highest in the industrialized world and eight times higher than in Europe. "
MPC Economic Report
State-by-State Analysis of Savings & Jobs from Swipe Fee Reforms
For more information, visit the MPC website.
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