03/03/2021 | Press release | Distributed by Public on 03/03/2021 18:08
FMI - The Food Industry Association is extremely pleased congressional leaders are urging major credit card companies to call off planned increases in interchange fees, which would be detrimental to businesses and consumers during this unprecedented time. Leslie Sarasin, president and chief executive officer at FMI, offered the following comment:
'FMI applauds Senate Majority Whip Dick Durbin (D-IL), chair of the Senate Judiciary Committee, and U.S. Representative Peter Welch (D-VT) for urging the CEOs of Visa and Mastercard to not raise interchange fee rates this April in a letter today. According to estimates by CMSPI, rate increases scheduled by Visa Inc. and Mastercard Inc. next month will add an additional $1 billion more in interchange costs annually. We join Senator Durbin and Representative Welch in their calls to Visa and Mastercard to not raise swipe fees, particularly while so many families are struggling to economically recover from the COVID-19 pandemic.'