Letters to the editor for Tuesday, May 2, 2017
Repeal of debit swipe reforms will harm small businesses
Before debit swipe fees were reformed in 2008, local business were suffering under massive transaction fees that hindered growth and placed unnecessary costs on both the retailer and consumer. Since its reform, fairness and competition have been reintroduced to the economy, easing some of the burden on small businesses like mine. In fact, these reforms increased competition for debit transactions, ultimately lowering transaction costs for retailers and consumers.
As a small business owner, I can tell you with certainty that the reinstatement of these fees would negatively impact the many small retailers throughout our community, and possibly drive some out-of-business. I can’t afford it, and my customers can’t afford it.
Now Congress is trying to repeal these reforms with the Financial CHOICE Act and reward big banks at my expense. It’s critical that these reforms remain intact. My business depends on it.