Arlington, VA – The National Grocers Association (NGA) today urged members of the House Financial Services Committee to oppose the Financial CHOICE Act of 2017 (H.R. 10) as long as it contains a provision to repeal debit swipe fee reform. NGA President and CEO Peter J. Larkin issued the following statement during a mark-up of the legislation this morning:
“While banks and financial institutions enjoy a hefty 25 percent profit margin and earn nearly $79 billion each year in swipe fees, independent supermarkets operate on a one to two percent profit margin annually in a highly competitive market. Debit swipe fee reform brought competition and transparency into a marketplace that has historically lacked it by ensuring merchants have access to at least two competitive networks for routing their transactions. Congress should be protecting Main Street grocers from the price-gouging that’s historically taken place, not enshrining it into the law.”
Yesterday, NGA sent a key vote letter to members of the House Financial Services Committee urging them to oppose the Financial CHOICE Act. Click HERE to view the letter.