Washington, D.C. – The National Grocers Association (NGA) President and CEO Greg Ferrara issued the following statement in response to President Trump’s endorsement of the Credit Card Competition Act:
“On behalf of the nearly 22,000 independent grocers across America, we applaud President Trump for endorsing the bi-partisan Credit Card Competition Act and for recognizing the real-world impact that unchecked credit card fees have on American families and the small businesses that serve them.
For local grocers, who are already operating on tight net profit margins of under two percent, swipe fees are not just a line on a balance sheet. Grocers do everything they can to hold the line on prices for their neighbors, but when fees keep rising, the pressure eventually shows up at the checkout counter. When a lack of competition allows a duopoly of card networks to set fees without transparency or restraint, those costs inevitably ripple through the food supply chain and land on consumers.
Increased competition in the credit card market is a commonsense step toward fairness, lower costs of goods for Americans, and a more competitive marketplace that benefits both Main Street businesses and the hardworking families they serve.”
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About the National Grocers Association
NGA is the national trade association representing the retail and wholesale community grocers that comprise the independent sector of the food distribution industry. An independent retailer is a privately owned or controlled food retail company operating a variety of formats. The independent grocery sector is accountable for about 1.2 percent of the nation’s overall economy and is responsible for generating more than $250 billion in sales, 1.1 million jobs, $39 billion in wages and $36 billion in taxes. NGA members include retail and wholesale grocers located in every congressional district across the country, as well as state grocers’ associations, manufacturers and service suppliers. For more information about NGA, visit www.nationalgrocers.org.
