Westchester Hispanic Chamber of Commerce (NY)

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May 17, 2011 Hon. Harry Reid Majority Leader United States Senate Washington, DC 20510

Hon. John Boehner Speaker United States House of Representatives Washington, DC 20515

Dear Majority Leader Reid and Speaker Boehner, As the leaders of various business organizations we write to urge against any delay in the implementation of the Durbin Amendment provisions on debit card interchange fees contained in the Wall Street Reform and Consumer Protection Act. Many of the retail stores, restaurants and other businesses that we represent accept debit cards as payment. Consumers have come to demand the acceptance of these cards, and as merchants our members are obliged to accept them. Too many businesses continue to see swipe fees that are rising faster than health care costs, and are at times among their biggest operating costs alongside things like rent and utilities. The fees for debit cards alone have increased almost four-fold over the past decade from an average of 12 cents to 44 cents per transaction, totaling more than $16 billion annually. Today merchants generally pass on the cost of debit card acceptance, which includes interchange transaction fees, to consumers through higher prices for their goods and services. This reform is especially timely due to rises in gas and food prices, and we eagerly wait for the moment when merchants and consumers will benefit from lower debit card swipe fees. Please understand that this reform benefits all consumers, not just those that pay by debit card. As Federal Reserve Governor Sarah Raskin said at a recent Board of Governors meeting, “it's highly likely that all consumers, whether or not they are using a debit card for their purchase, are paying more at the store, paying more at the pump, because these interchange fees are being passed on to them.” The reforms to debit card fees are law. They were approved by Congress and are scheduled to go into effect. This reform will put billions back in consumer’s pockets each year and add thousands of jobs each year. Businesses in this country pay the highest swipe fees in the world and we have been waiting for years to see these reforms. Every month of delay means another $1 billion being handed to large banks from our merchants and their customers. Believe us when we say that American small businesses would do better with the $1.3 billion per month they now pay in debit card swipe fees by generating more economic activity, creating more jobs and passing on more savings to the consumer. Sincerely, Sam Blair Network Director Main Street Alliance

Zulema Wiscovitch Executive Director National Supermarket Association

John Arensmeyer Founder & CEO Small Business Majority

Scott Hauge President Small Business California

Oren Teicher CEO American Booksellers Association

Hut Landon Executive Director Northern California Independent Booksellers Association

Fannie Lansch President Westchester Hispanic Chamber of Commerce, NY

Maria del Carmen C. Hawley President Hispanic Chamber of Commerce of Northern Illinois, IL