April 19, 2011
AJS Tells Corker to Protect Main Street, Not Wall Street in Radio Ad
NASHVILLE - Americans for Job Security, a pro-business issue advocacy organization, today launched a new radio ad that targets Sen. Bob Corker and Wall Street banks that impose costly debit card swipe fees on small businesses. The fees, which are a few percent of every transaction, cost businesses and consumers $1 billion a month.
"The swipe fee limit puts small business and big Wall Street banks back on a level playing field," said Stephen DeMaura, president of Americans for Job Security. "The big banks we bailed out as taxpayers have roadblocked reform, and they are looking to Sen. Corker and his colleagues in the U.S. Senate to help them further delay the implementation of these necessary reforms. Tennessee needs Sen. Corker to protect Main Street, not Wall Street."
Every time a consumer swipes their debit card, small businesses pay big banks an average of 44 cents - approximately 11 times the actual cost that banks incur to process the transaction. Because swipe fees are centrally set by Visa and MasterCard, which together represent nearly 90 percent of the debit-card market, small businesses are unable to negotiate swipe fee costs or take their business elsewhere. In response to the broken market, the Federal Reserve has limited swipe fees to 12 cents, as instructed by the Durbin Amendment which passed in July 2010; however, Wall Street is fighting to roll back these reforms before they are implemented - a move that will cost local businesses millions of dollars every month and kill local job growth.
The one-minute ad will air across the state beginning on April 19.
AJS is the only independent, bi-partisan, pro-business issue advocacy organization in America. Established in 1997, AJS promotes issues that strengthen the American economy.
For more information on Americans for Job Security visit our website at www.SaveJobs.org.