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(139 seconds)
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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.
