FOR IMMEDIATE RELEASE: 3.23.2017
March Badness: Not So Sweet Outlook for Main Street
Despite Raking in $1 Trillion, Wall Street wants MORE
– This week, as bankers from across the country descended on Washington to lobby Congress, the Alliance for Main Street Fairness (AMSF), an organization committed to championing issues important to small businesses, released its completed bracket
for this year’s March Badness, the latest iteration of Wall Street’s attempt to fleece consumers and small businesses.
Unlike the NCAA tournament where every team has a fair shot, in this game, the banks always seem to win.
This week the country’s biggest banks were leading the charge on Capitol Hill to roll back the reforms passed earlier this decade that protect retailers and restaurants from exorbitant fees. The big banks want to repeal swipe fee reforms and go back to overcharging main street businesses every time they accept a debit card.
“Wall Street has profited immensely since the financial crisis raking in over $1 trillion in profits since the bank bailouts. Repealing swipe fee reform would only further enrich the biggest banks at the expense of every retailer and restaurant in America,” said Kevin Lawlor, a spokesperson for AMSF. “Unless Congress plays strong defense on behalf of Main Street, the Big Banks are going to continue to pick the pockets of small businesses.”
Before the adoption of swipe fee reform, Wall Street was charging small businesses whatever they liked on debit card purchases, with combined credit card and debit card swipe fees tripling over the previous decade to roughly $50 billion a year. The regulations put in place are the only thing preventing Wall Street from resuming the abusive practices.
As part of the effort to save the small business bracket, AMSF launched a public awareness campaign on Capitol Hill encouraging people to learn more about swipe fees and their true cost for businesses all across the country
• Chart: AMSF March Badness Bracket
• Talking Points: Big Banks + Big Credit = Big Losses
• Research: Historic Banking Dates in March
The Alliance for Main Street Fairness (AMSF) is an organization committed to championing issues important to small businesses.
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