By Jay Heflin - 06/03/10 07:27 PM EDT
"[Consumers] are speaking up and asking Congress to take action to rein in the out-of-control fees that hurt small businesses and the entire economy," said Tony Kenney, president of Speedway SuperAmerica, which owns Speedway and SuperAmerica stores. "All eyes are on Congress right now, and we're urging them to come through for both consumers and merchants who have made their voices heard about swipe fee reform."
Swipe fees were created to cover the transaction cost of using a card when making a purchase. Last year fees totaled $48 billion in the U.S. But while technology has lowered the cost for using a card, fees continue to increase.
An amendment by Senate Majority Whip Dick Durbin (D-Ill.) would require the Fed to ensure that fees are reasonable. His proposal was successfully added to the Wall Street reform bill, which was entered into a conference between the House and Senate.
"These signatures should show Congress how much people care about this issue," said Charlie Runyon, a regional director for Speedway SuperAmerica. "The Senate has gotten us very close to a victory for our consumers and our stores. Now we need Congress to finish the job by keeping swipe fee reform intact in the final financial reform bill. It's time for Congress to listen to millions of their constituents and get the job done."