ARLINGTON, VA--Food Marketing Institute (FMI), along with the entire retail industry, commends the U.S. Congress on its announcement that pro-competitive debit reforms will be preserved in the Financial CHOICE Act of 2017. FMI has fiercely opposed efforts to repeal this pro-competitive reform that has saved grocers and consumers billions of dollars and provided enhanced competition since it was enacted in 2010.
"We are thrilled to hear that the House of Representatives decided to maintain the pro-competitive debit reforms that have provided enhanced competition and lower prices since they were enacted in 2010. We are grateful to the many members of Congress who listened intently to their constituents about an incredibly complicated subject - routing and competition in debit card transactions - and understood that competition is critical, that the reforms are working and that they should be maintained." said Leslie G. Sarasin, President and CEO.
"Our members put a lot of their own shoe-leather into making sure they shared the personal angle of this very complicated policy debate - competition is important in the debit market just as it is in the grocery business."