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'Reform Swipe Fees NOW!' Urges the Federal Reserve to Base Its Final Swipe-Fee Regulations on Its 'Fair and Reasonable' Proposed Rule

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(OPEN):
LAST JULY, PRESIDENT OBAMA SIGNED INTO LAW WHAT MANY CONSIDER TO BE IMPORTANT PROVISIONS TO THE "DODD-FRANK ACT" THAT EMPOWERED THE FEDERAL RESERVE TO PUT "REASONABLE" LIMITS ON DEBIT-CARD SWIPE-FEES.  AS DIRECTED, THE FED SOUGHT TO ENSURE THAT THESE FEES ARE "REASONABLE AND PROPORTIONAL"--AND PROPOSED A RULE LAST DECEMBER THAT WOULD REDUCE DEBIT-CARD SWIPE-FEES TO SEVEN OR 12 CENTS, PER TRANSACTION.  NOW, THE FED HAS ANNOUNCED THAT IT WILL ISSUE ITS FINAL RULE ON WEDNESDAY [JUNE 29TH]--UPHOLDING ITS COMMITMENT TO COMPLETE FINAL REGULATIONS IN TIME FOR RETAILERS TO BEGIN OFFERING THEIR CUSTOMERS DISCOUNTS AND OTHER BENEFITS THIS SUMMER, AS SCHEDULED.  DENNIS LANE IS A 7-ELEVEN FRANCHISE-OWNER, AND SPOKESMAN FOR "REFORM SWIPE FEES NOW!"...

(LANE):
"EXCESSIVE SWIPE-FEES HAVE STOOD IN THE WAY OF GROWTH AND PROGRESS IN THIS COUNTRY FOR FAR TOO LONG.  AND, WHEN CONGRESS TOOK ACTION LAST YEAR, IT WAS BECAUSE BUSINESS-OWNERS AND CONSUMERS FROM ACROSS THE COUNTRY CAME TOGETHER AND SAID, 'LISTEN! ENOUGH IS ENOUGH!'  WHEN WE PRESENTED THE HARD FACTS, AND ASKED FOR REASONABLE REFORM, OUR MEMBERS OF CONGRESS LISTENED:  THEY PASSED COMMONSENSE REFORM--AND SENT A CLEAR MESSAGE TO THE GUYS ON WALL STREET THAT A BROKEN SYSTEM THAT HURTS MERCHANTS, AND DRIVES UP PRICES FOR CONSUMERS, WILL NOT BE TOLERATED ANYMORE.  AN ATTEMPT BY THE 'WALL STREET LOBBY' TO DELAY REFORM WAS RECENTLY DEFEATED IN THE SENATE--AND THE FED HAS REAFFIRMED ITS COMMITMENT TO FINALIZING SWIPE-FEE-REFORM REGULATIONS--SO THAT HARDWORKING AMERICANS ON MAIN STREET ARE CLOSER THAN EVER TO FAIR SWIPE-FEE RATES.  WE'VE COME A LONG WAY--AND WITH THE FED'S FINAL RULE APPROACHING, I HOPE THAT THE FED BASES ITS FINAL REGULATIONS ON ITS PROPOSED RULE THAT WAS, QUITE HONESTLY, FAIR AND REASONABLE FOR EVERYONE--BRINGING DOWN THE CURRENT DEBIT-CARD SWIPE-FEE RATES CONSIDERABLY, AND ENABLING BUSINESS-OWNERS LIKE ME TO DELIVER REAL BENEFITS TO OUR CUSTOMERS AND LOCAL COMMUNITIES THIS SUMMER, AS SCHEDULED.  THESE ARE BENEFITS THAT OUR COUNTRY NEEDS RIGHT NOW.
"

(CLOSE):
THE FED IS SCHEDULED TO VOTE ON ITS FINAL RULE ON WEDNESDAY--WITH PLANS FOR IT TO BE ENACTED THIS COMING MONTH [JULY].  FOR NEWS ON THE RULING, VISIT "UNFAIR-CREDIT-CARD-FEES"-DOT-COM.



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