The Hill News

In business, uncertainty is unsettling.  For years, grocery store owners have been subject to unpredictable debit card fees, as have convenience stores, restaurants, book stores, tavern owners, and every other business that accepts credit and debit cards. For the smallest stores these rates have quadrupled over the past 15 years, and until recently there was no end in sight.

When Congress approved the financial services reform bill last year, it directed the Federal Reserve to issue rules to ensure that debit swipe fees are reasonable and proportional to the processing costs incurred.  But, until these reforms go into effect in July, there will still be a great deal of uncertainty for Main Street businesses who are trying to plan, budget and make hiring decisions. 

That is why more than 1,500 supermarkets and other members of the retail industry sent a letter to the Federal Reserve Board of Governors Chairman Ben Bernanke urging uninterrupted implementation of these critical reforms.

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