NSBA-Supported Swipe Fee Reform Not Delayed

June 8, 2011

Contact:

Molly Brogan

202-552-2904

press@nsba.biz

Washington, D.C. – NSBA applauds the Senate for their vote today in opposing additional delays to much-needed swipe-fee reform. The amendment in question, offered by Sens. Jon Tester (D-Mont.) and Bob Corker (R-Tenn.) which would delay the swipe-fee provisions passed as part of the Restoring American Financial Stability Act (S. 3217) for one year and mandate a six-month study. The amendment failed 54 to 45.

“There already have been three separate U.S. Government Accountability Office reports and nine Congressional hearings on this issue,” stated NSBA President Todd McCracken, “Pushing for yet another study on an already tirelessly-researched issue is a poor use of scarce federal dollars.”

The language Tester and Corker hoped to delay was initially introduced by Sen. Whip Dick Durbin (D-Ill.) and would merely ensure that the swipe fees charged for debit-card transactions are “reasonable and proportional” to the actual costs incurred by the bank processing the transaction.

NSBA has been an outspoken supporter of the swipe-fee reforms and has ardently opposed to any delay in the implementation of the reforms. NSBA applauds the Senators who voted in opposition to the Tester/Corker amendment and is hopeful that the Senate will continue to pursue policies that help small businesses rather than a rehashing of big-bank bailouts like the Tester/Corker amendment.

McCracken went on to say, “This vote sends a clear message that the Senate is willing and able to stand up for America’s small-business community–despite increasing pressure from the country’s largest banks.”

Since 1937, NSBA has advocated on behalf of America’s entrepreneurs. A staunchly nonpartisan organization, NSBA reaches more than 150,000 small businesses nationwide and is proud to be the nation’s first small-business advocacy organization. For more information, please visit www.nsba.biz.

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