“Retailers and their customers are winners today,” said Leslie G. Sarasin, FMI President and Chief Executive Officer. “Consumers have been paying more than $50 billion a year in hidden swipe fees to credit card companies and banks every time they swipe their credit or debit card. We applaud the President for signing this law to bring fairness and transparency to these fees.”
FMI is a founding member of the Merchants Payments Coalition (MPC), a group of nearly 100 associations representing retailers, supermarkets, drug stores, convenience stores, fuel stations, online merchants and other businesses that accept debit and credit cards. FMI serves as the chairman of the legislative subcommittee of the MPC. FMI and the coalition have been working for more than a decade to educate Members of Congress on the need for a more competitive and transparent card system. The coalition’s member associations collectively represent some 2.7 million stores with about 50 million employees.
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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