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(121 seconds)
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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. BUT, EVEN
BEFORE THE REFORMS HAVE TAKEN EFFECT, SENATOR JON TESTER OF
MONTANA HAS INTRODUCED LEGISLATION THAT WOULD DELAY IMPLEMENTATION FOR
TWO YEARS--A MOVE THAT, CRITICS SAY, WOULD COST BOTH SMALL BUSINESSES
AND CONSUMERS ABOUT 33-MILLION DOLLARS, EVERY SINGLE DAY.
HOWEVER, DENNIS LANE--A 7-ELEVEN FRANCHISE-OWNER, AND SPOKESMAN
FOR "REFORM SWIPE FEES NOW!"--SAYS THAT "MAIN STREET"
ISN'T GIVING UP...
(LANE):
"WHEN PRESIDENT OBAMA AND CONGRESS STOOD UP TO THE BIG BANKS AND
CREDIT-CARD COMPANIES LAST YEAR, IT WAS A TREMENDOUS WIN FOR SMALL
BUSINESSES AND CONSUMERS, ACROSS THE COUNTRY, WHO HAVE SPENT TOO MANY
YEARS UNDER THE THUMB OF 'WALL STREET'. THE CURRENT
INTERCHANGE-SYSTEM IS MONOPOLIZED BY BIG BANKS AND CREDIT-CARD COMPANIES
THAT CHARGE SO MUCH TO PROCESS A DEBIT-CARD TRANSACTION THAT--WHEN A
CUSTOMER COMES INTO MY STORE, AND USES THEIR CARD TO BUY A CUP OF
COFFEE--I WOULD LOSE LESS MONEY BY JUST GIVING THE COFFEE AWAY. I
THINK [THAT] THERE'S SOMETHING INHERENTLY WRONG WITH THAT.
OBVIOUSLY, THE BANKS AND CREDIT-CARD COMPANIES ARE PERFECTLY HAPPY WITH
THIS ARRANGEMENT--WHERE THEY RAKE IN DOLLARS OFF THE BACKS OF
HARD-WORKING AMERICANS. BUT, CONGRESS WAS RIGHT TO TAKE ACTION TO
REIN IN THESE OUT-OF-CONTROL FEES LAST YEAR--AND NOW IT'S TIME FOR THEM
TO FOLLOW THROUGH ON THE PROMISE THAT THEY MADE TO THOSE OF US ON 'MAIN
STREET'. THAT'S WHY I'LL JOIN WITH SMALL-BUSINESS OWNERS IN
WASHINGTON, TO URGE CONGRESS TO SEE THAT THESE REFORMS ARE ENACTED THIS
SUMMER--ONCE AND FOR ALL."
(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 NOT TO LET THE BIG BANKS AND CREDIT-CARD
COMPANIES WEAKEN "REASONABLE" REFORM, BY CALLING THE
CAPITOL-SWITCHBOARD--AT AREA-CODE 202/224-3121.
