“Today the Senate took a major stride toward restoring fairness and reason to the debit card interchange fee system by approving Senator Durbin’s amendment. Requiring that the fees be based on the actual cost of debit card payments will generate significant savings, benefiting retailers and, ultimately, consumers.
“Customers will benefit as the amendment allows retailers greater flexibility in offering them discounts for lower-cost forms of payment.
“We applaud Senator Durbin for his leadership in addressing this issue and urge Congress to move forward in fostering the creation of a truly competitive and transparent interchange fee system.”
Food Marketing Institute (FMI) conducts programs in public affairs, food safety, research, education and industry relations on behalf of its nearly 1,250 food retail and wholesale member companies in the United States and around the world. FMI’s U.S. members operate more than 25,000 retail food stores and almost 22,000 pharmacies with a combined annual sales volume of nearly $650 billion. FMI’s retail membership is composed of large multi-store chains, regional firms and independent operators. Its international membership includes 126 companies from more than 65 countries. FMI’s nearly 330 associate members include the supplier partners of its retail and wholesale members.
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