Political Quotes

“This week, we are considering legislation on the Senate floor that affects small businesses. I want to talk about another issue very important to small businesses; that is, the topic of interchange fees, also known as swipe fees. Last week, nearly 200 small businesses came to Washington, DC, from Illinois and from all across America. They came to stand up in support of the reform of interchange fees, swipe fees, that Congress passed last year. They came to stand up to the major credit card companies, Visa and MasterCard, and the $13 trillion banking industry that is doing everything in its power to reverse this reform. We all know small businesses are the key to our economy and its future. We need for them to be able to grow, to hire more workers, and serve their customers well. But debit card swipe fees set by Visa and MasterCard on behalf of their big bank allies are crushing many small businesses. Back in 2009, the banks made over $16 billion per year in debit swipe fees, about $1.3 billion per month. Now, $16 billion may not sound like a lot of money when you compare it to the $20.8 billion that the New York State comptroller said was paid out in Wall Street bonuses to major financial institutions just last year, but it is a huge amount when it affects small business. For most Americans on Main Street, $16 billion in swipe fees is quite a lot.…”