“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 proudly advocates on behalf of the food retail industry. FMI’s U.S. members operate nearly 40,000 retail food stores and 25,000 pharmacies, representing a combined annual sales volume of almost $770 billion. Through programs in public affairs, food safety, research, education and industry relations, FMI offers resources and provides valuable benefits to more than 1,225 food retail and wholesale member companies in the United States and around the world. FMI membership covers the spectrum of diverse venues where food is sold, including single owner grocery stores, large multi-store supermarket chains and mixed retail stores. For more information, visit www.fmi.org and for information regarding the FMI foundation, visit www.fmifoundation.org.
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