Retailers Urge Governor Bowman to Allow Lower Debit Rate

Consumers and Retailers Have Been Footing The Bill

By [ Austen Jensen ]
Washington, DC
04/10/2025

The Retail Industry Leaders Association released the following statement as the Committee on Banking, Housing and Urban Affairs prepares for the nomination hearing for the Honorable Michelle Bowman to be Vice Chairman for Supervision, Board of Governors of the Federal Reserve System.

“For more than a decade, retailers and consumers have been footing the bill for debit interchange rates far higher than the law requires. The data overwhelmingly proves the current rate needs to be lowered to more accurately reflect the reasonable and proportional costs incurred by issuing banks,” said Austen Jensen, RILA executive vice president, government affairs.

“Leading retailers encourage Governor Bowman to allow the process to move forward by quickly finalizing the rule so it can be implemented. It is essential that the overall threshold be reduced to a level that reflects congressional intent and the true cost in the market.”

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Media Contact: Ginger Gibson
202-539-1585

RILA is the US trade association for leading retailers. We convene decision-makers, advocate for the industry, and promote operational excellence and innovation. Our aim is to elevate a dynamic industry by transforming the environment in which retailers operate.

RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $2.7 trillion in annual sales, millions of American jobs, and hundreds of thousands of stores, manufacturing facilities, and distribution centers domestically and abroad.