"The letter from Chairman Bernanke today is just another step in the very thorough rulemaking process undertaken by the Federal Reserve Board of Governors to finalize debit card fee reforms many small businesses are anxiously awaiting to go into effect this July. We applaud Chairman Bernanke and Federal Reserve for their commitment to completing the final rule in advance of the July 21 implementation date. Around this time last year, independent grocers were hit with a take-it-or-leave-it debit card cost increase of over 35 percent. Those grocers and many others, along with the families they feed in communities across the country, look forward to the implementation of debit card fee reforms on July 21 that will bring much needed relief to small business and our customers."
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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