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A Coalition of Business Owners Is Urging the Government to Avoid Weakening Reforms Aimed at Combating 'Excessive' Swipe Fees

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(OPEN):
LAST YEAR, PRESIDENT OBAMA SIGNED INTO LAW WHAT MANY CONSIDER TO BE IMPORTANT, BIPARTISAN REFORMS TO PROTECT SMALL BUSINESSES FROM PAYING "EXCESSIVE" SWIPE-FEES.  SPECIFICALLY, THE REFORMS WERE AIMED AT ENSURING THAT DEBIT-CARD SWIPE-FEES BECOME "REASONABLE AND PROPORTIONAL" TO THE OVERALL COST OF PROCESSING EACH TRANSACTION.  NOW, AS THE FEDERAL RESERVE WORKS TO ESTABLISH RULES TO DETERMINE HOW THE REFORMS WILL BE IMPLEMENTED, "REFORM SWIPE FEES NOW!" IS CLAIMING THAT BIG BANKS AND CREDIT-CARD COMPANIES ARE AGGRESSIVELY LOBBYING TO WEAKEN THE REFORMS--IN ORDER TO KEEP THEIR RECORD PROFITS AND BONUSES.  HOWEVER, DENNIS LANE--A 7-ELEVEN FRANCHISE-OWNER, AND SPOKESMAN FOR THE COALITION--SAYS THAT "MAIN STREET" IS REFUSING TO BACK DOWN...

(LANE):
"I WAS PLEASED WHEN PRESIDENT OBAMA AND CONGRESS STOOD UP FOR SMALL BUSINESSES, ACROSS THE COUNTRY, BY PASSING IMPORTANT SWIPE-FEE REFORMS, LAST YEAR.  I'VE OWNED MY SMALL BUSINESS FOR ALMOST FOUR DECADES:  YEAR AFTER YEAR, I HAVE SEEN THESE FEES CONTINUE TO RISE; IN FACT, I WOULD SAY THAT, TODAY, SWIPE-FEES ARE MY SECOND-HIGHEST EXPENSE--SECOND ONLY TO PAYROLL.  AND, UNFORTUNATELY, THE BANKS AND CREDIT-CARD COMPANIES WON'T LET US NEGOTIATE A FAIR RATE.  WE ARE WILLING TO PAY OUR FAIR SHARE--BUT THESE RATES HAVE SPUN OUT OF CONTROL.  I'M DISAPPOINTED, BUT NOT SURPRISED, THAT THE BIG BANKS AND CREDIT-CARD COMPANIES ARE NOW LOBBYING TO WEAKEN THESE REFORMS.  THAT'S WHY I'LL JOIN WITH 100 SMALL-BUSINESS OWNERS IN WASHINGTON, D-C--TO URGE SENATORS, CONGRESSMEN, AND THE FEDERAL RESERVE TO STAND WITH US, AND PROTECT COMMONSENSE SWIPE-FEE REFORM.  FOR SMALL-BUSINESS OWNERS, PROPERLY IMPLEMENTING THESE REFORMS WILL ENABLE US TO GROW OUR BUSINESSES--AND PASS SAVINGS ON TO OUR CUSTOMERS.
"

(CLOSE):
"REFORM SWIPE FEES NOW!" IS UNITING U-S BUSINESS-OWNERS--BOTH LARGE AND SMALL--IN A CAMPAIGN FOR WHAT THEY CALL "FAIR" DEBIT- AND CREDIT-CARD SWIPE-FEES.  LANE IS URGING THE PUBLIC TO TELL THEIR SENATORS AND REPRESENTATIVES TO URGE THE FED TO NOT LET THE BIG BANKS AND CREDIT-CARD COMPANIES WEAKEN "REASONABLE" REFORM, BY CALLING THE CAPITOL-SWITCHBOARD--AT AREA-CODE 202/224-3121.



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