The Merchants Payments Coalition issued the following statement in response to today’s successful vote against Sen. Jon Tester’s (D-MT) amendment

“Merchants and consumers across the country owe a huge thank you to all of the Senators who reaffirmed the swipe fee reform law in the face of unprecedented pressure from Wall Street banks. For nearly a decade, the country’s biggest banks and credit card companies have worked tirelessly against these long-awaited reforms, and Main Street has finally prevailed. Today’s vote sent a message to the big banks and their allies that the Senate is prepared to support Main Street by protecting these critical reforms.
“The Federal Reserve can now proceed with its rulemaking to curb swipe fee abuse, and we look forward to seeing the final rule so that Main Street retailers and consumers can start seeing some relief from out-of-control debit fees on July 21.” 
 
###
 
The Merchants Payments Coalition is a group of convenience stores, retailers, and small business owners whose membership associations represent approximately 2.7 million stores and 50 million employees. For more information, go to http://www.unfaircreditcardfees.com or visit us on Twitter.