December 5, 2016--ARLINGTON, VA—Food Marketing Institute (FMI) sent a letter signed by 39 members of the FMI board of directors to congressional offices, encouraging legislators to oppose Section 335 of H.R. 5983. The Board urges Congress to keep debit reforms in place that have been successful for more than five years in restoring some competition via regional debit networks and ensuring greater system reliability, security and efficiency for our customers.
“With talk in Congress about repealing or replacing components of the Dodd-Frank law, we want to make sure Congress knows of the five year success story of the pro-competitive debit reforms that increase reliability and efficiency, and urge that they be preserved. We oppose section 335 of the so-called CHOICE Act,” said Jennifer Hatcher, chief public policy officer & senior vice president of government relations. “We hope that if legislation is considered by Congress that it will work to increase competition in the debit routing network space, not stifle it.”
The 2010 debit reforms brought competition ensuring greater system reliability by allowing access to 12 regional debit networks, not just one or two, security and efficiency. Repealing this successful law would inhibit competition and could impact reliability and security.
A copy of the letter to Congress can be found here.