FOR IMMEDIATE RELEASE
Elise Brooks, (202) 589-2427

Roundtable Opposes Interchange Legislation

Washington, D.C.—June 4, 2009—The Financial Services Roundtable today issued the following statement opposing new interchange legislation introduced by Chairman John Conyers:

“The Financial Services Roundtable strongly opposes the interchange legislation HR 2695 introduced today by Chairman John Conyers. This legislation would shift the cost of doing business from retailers to consumers.  Retailers who offer card payments receive many benefits rather than those retailers who only accept cash, and the interchange fee is a cost of receiving those benefits.

Interchange fees are a necessary part of credit card transaction that cover infrastructure costs, fraud risk, and nonpayment possibilities that are assumed by financial institutions involved in the payment systems. To shift interchange fees on consumers would limit their choice.”

The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer.  Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO.

Roundtable member companies provide fuel for America's economic engine, accounting directly for $85.2 trillion in managed assets, $980 billion in revenue, and 2.3 million jobs.