WASHINGTON, D.C. — Today, Aaron Stetter, Executive Director of the Electronic Payments Coalition (EPC), released the following statement opposing legislation introduced by Senators Dick Durbin (D-IL), Roger Marshall (R-KS), J.D. Vance (R-OH), and Peter Welch (D-VT), along with Representatives Zoe Lofgren (D-CA) and Lance Gooden (R-TX). If signed into law, the bill would create new credit card routing mandates that would allow big-box retailers to rake in billions of dollars in extra revenue at the expense of consumers, small businesses, and small financial institutions:
“Big-box retailers like Walmart, Target, and Kroger will stop at nothing to make a buck and pad their bottom lines — even if it means leaving small businesses and consumers in the dust. There is a reason this ‘Big-Box Bill’ failed the first time around. We believe it will continue to be deeply unpopular among both Republicans and Democrats.”
Eight trade associations representing the financial services industry, including EPC, released a joint statement opposing the legislation. That statement can be found HERE.
To learn more about why this bill failed last Congress, despite vigorous lobbying efforts from big-box retailers, click HERE.