The House Committee on Financial Services recently rushed through the Financial CHOICE Act, a bill that would effectively end debit-card swipe fee reform. Now the House is gearing up for an official vote before fully understanding the impact of the bill. Small business owners like me have serious concerns about the CHOICE Act.
Swipe fee reform was enacted after the 2008 financial crisis to prevent big banks from charging excessive fees on card transactions. These federal reforms have been instrumental to the recovery of small businesses in New Jersey and the overall national economy.
The continuation of fair and honest fees will benefit our customers, our small businesses and the health of local economies everywhere. The savings from excessive fees will help keep the cost of goods down, something that will allow small businesses to grow and hire new employees. That kind of progress benefits everyone in all fifty states.
If the CHOICE Act is passed as is, that progress could stop in its tracks. Small businesses work very hard to serve their customers and support their communities. Fair and honest regulation will help small businesses to strengthen these American traditions.
It is sad that not one small business was represented during any congressional hearings about the CHOICE Act. That is why I am writing to you today. I urge our members of Congress to stand up for small businesses, protect debit-card swipe fee reform and vote against the Financial CHOICE Act.
Madison Area Chamber of Commerce, Inc.