Response to Banks' Efforts to Stop Fed Debit Card Reduction
- By [ Austen Jensen ]
- Washington, DC
- 06/18/2024
Austen Jensen, executive vice president, government affairs, at the Retail Industry Leaders Association, issued the following statement in response to legislation introduced in the U.S. Senate to pause the Federal Reserve's debit card reforms:
“It’s a shame the world’s largest banks found a sponsor in the United States Senate for their campaign to fleece American retailers, restaurants and every Main Street business that accepts a debit card.
“Banks are crying poverty while simultaneously acknowledging cutting off millions of low-income Americans from affordable checking and savings accounts, despite racking up record profits over the past decade. Their hypocrisy would be laughable if it wasn’t so perverse.”
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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.
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Payments
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Supporting Free Markets and Fostering Innovation
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Competition
