Q: What do the following individuals and groups have in common?
- Hip hop mogul Russell Simmons
- The Christian Science Monitor
- State Treasurers from Nebraska, New Mexico, Maryland, Georgia, South Dakota, Indiana, New Hampshire, West Virginia, Arizona and Utah (see both article and letter)
- The Wall Street Journal
- BET founder Robert Johnson
- A bipartisan group of 80+ congressional leaders
- The Chicago Tribune
- Community bank leaders including the Independent Community Bankers of America, National Association of Federal Credit Unions and Credit Union National Association
- Industry analyst firms Mercator, Javelin Strategy and Celent
A: They have all voiced their strong concerns about the unintended harm that would be caused by Senator Durbin’s interchange amendment. Surprising bedfellows to be sure, but this strong chorus of voices highlights the increasing doubt and concern across America about how large communities will be harmed by this ill-advised amendment.
Plus One More . . . . Consumers
And now add one more important group to the list: Main Street America. A recent survey of 1000 adults across the United States yielded some very clear results: an overwhelming majority (83%!) of Americans oppose giving the federal government the ability to set the rates retailers pay for accepting debit products at the consumer’s expense.
Clearly, voters aren’t fooled by this amendment and they are voicing their doubts. Let’s hope our political officials hear their message too.
Posted by: Will Valentine, Visa Corporate Relations on June 14, 2010 at 10:15 am
