“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 (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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