Visa Funded Tool “Americans for Consumer Education and Competition” Issues Statement on Financial Reform


Banking Industry Says: Tell Congress to Eliminate ‘Anti-Consumer Amendment”

The below is reprinted word-for-word by the naming industry tool, ACEC. I disagree with every element, except their right to have an opinion. What does it take to become a ACEC member? Just enter your email on their Web site.  Americans for Consumer Education and Competition is a “consumer education group”  that has the financial support of Visa Inc., and working partnerships with national organizations that share ACEC’s goal to establish an educational environment in America where financial literacy is promoted and improved among our young people. In addition, ACEC serves as a tool for the banking industry.

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Dear ACEC Member,

Your consumer rights are under attack, once again, as powerful Washington, D.C. lobbyists representing large retailers are back to their old tricks – trying to get Congress to make you foot the bill for retailers’ business costs.
As you know, members of Congress and Senators are currently working on a Financial Reform Bill that is designed to address the problems that led to the financial crisis. ACEC supports the legislation’s overall objective of bringing increased transparency and fairness to the system for consumers.
Unfortunately, Senator Richard Durbin of Illinois, through political maneuvering, was able to slip in an unrelated anti-consumer amendment to the bill that has nothing to do with its underlying objective. Unbeknownst to most Senators, the Senate simply adopted the language of the mega-retailers with little debate or consideration of the facts. The Durbin provision would effectively allow retailers to reach into your wallet to decide which payment product you can use in the store checkout line. It would also force you to pay more for goods and services by allowing retailers to set minimum dollar purchase requirements for consumers who choose to use their debit or credit card at the point of sale.
Can you imagine the personal financial harm this will cause, in addition to embarrassment and confusion, if you are told you have to spend a minimum of $10 when all you want or can afford at any given time is a $1.50 cup of coffee?
Make no mistake about it, this amendment is anti-consumer and a smokescreen for retailers’ real agenda. They are seeking to use you as a new profit center by shifting their cost of doing business onto your shoulders.
Retailers who accept credit and cards receive tremendous benefits. You shouldn’t be the one’s footing the bill.
Contact your members of Congress and Senators today and tell them to stand with consumers by protecting consumer choice at the checkout line while opposing powerful special interests in Washington. Click here to send a letter urging them to strip out the Durbin amendment before the final Financial Reform Bill is sent to President Obama.
Sincerely,
Michael Canning
Executive Director
Americans for Consumer Education and Competition

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