“FMI applauds the 45 Senators who voted to support their neighborhood grocery stores and their customers today. There is no doubt in my mind that customers will see savings returned to their pockets once this rule is finalized,” says Leslie G. Sarasin, president and chief executive officer of FMI.
Sarasin continues, “This is a critical issue to the survival of small businesses. Since 2008, more than 1,000,000 businesses have failed costing 3.6 million jobs and many report the growth of swipe fees as a strong contributor to their demise.”
“The ball is now in the Federal Reserve’s court to publish a final rule and move toward the required July 21 implementation deadline.”
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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