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TUCSON, Ariz. -- Bruce Maples, chairman of the National Coalition of Associations of 7-Eleven Franchisees, which represents nearly 5,000 small businesses across the country, sent a letter to Congress strongly opposing the last-minute attempts by the major banks and credit card companies to delay the implementation of interchange fee reform that Congress passed last year.
"This desperate maneuver, masquerading as pro-business in the form of an amendment to a bill that is designed to support small businesses, will do great harm to nearly 40,000 employees of franchise-owned 7-Eleven stores, their families and their customers," Maples wrote.
He went on to note that the massive fees these reforms would responsibly limit cost merchants $12 billion a year, or $33 million per day, which its franchisees have no other choice than to pass on to customers. Ironically, delaying these important reforms will cause greater harm to the very people on whom credit card companies rely for their profits, the American worker, Maples stated.
"We simply can't stand by and watch the small business infrastructure on which our economy is built collapse under the weight of the big and powerful banking interests that will allow profit potential to trump the will of the people," the letter continued. "We urge Congress to oppose any attempt to delay the important reforms that it successfully passed last year. Hearings have already been held, alternatives have already been considered, and Congress has already voted. It's time for the Federal Reserve to complete the process."
Earlier this month, the coalition began urging its members, vendors and customers to reach out to Congress to support the Fed's new swipe fee rules and move debit card reform forward. The coalition is directing individuals to the Web site, www.unfaircreditcardfees.com.