Booksellers are reminded to contact their U.S. congressional representatives to voice their strong opposition to the Financial CHOICE Act (H.R. 5983). If passed by Congress, the CHOICE Act would repeal a measure that regulates swipe fees charged by banks for debit card transactions.
The Durbin “swipe fee” amendment was signed into law in 2010 as part of the sweeping Dodd-Frank Wall Street Reform and Consumer Protection Act. Under the Durbin amendment, the Federal Reserve set rules that placed a cap on swipe fees for debit cards at 21 cents. In 2012, the Federal Reserve reported that the average interchange fee had nearly been halved.
To make this outreach easier for booksellers, the American Booksellers Association has posted a template letter in its Advo-Kit that booksellers can adapt and use to contact their members of Congress. Booksellers with questions regarding swipe fees or any other advocacy issues are encouraged to contact David Grogan, ABA’s director of public policy and advocacy.