Well, that’s not enough for the banks. Last year, the risk-free revenue stream from echecks was an astounding $20 billion — 70 percent of which goes to the country’s 10 biggest banks. Reforms could cut those fees by as much as $12 billion. So it’s no wonder that the banking industry has launched an aggressive campaign and enlisted our own Sen. Jon Tester to delay and repeal the Durbin Amendment. We can appreciate bankers’ anger for having such a sweet deal taken away, but that certainly isn’t a worthy reason to perpetuate a broken system that harms consumers and small businesses.

Mr. Boos uses the scare tactic that debit cards will disappear. Really? Does any thinking person actually believe banks will stop issuing debit cards when they could still make a tidy 300 percent profit? Will they also deprive account holders convenient access to their funds? He also makes the claim that debit card swipe fess didn’t get a hearing in Congress. The fact is, this issue has received eight congressional hearings and has been studied by the nonpartisan Government Accountability Office three times. Each study has concluded the same thing: The swipe fee system is broken and it needs reform. That’s why seven of the eight countries in the world with the highest per capita debit card usage have no swipe fees at all. The only exception? The United States.

The 550 convenience stores and 800 retailers and restaurants we represent are against government over-regulation. But in a market run by collusive private interest with monopoly power, it is imperative that Congress rebuff this attempt to eliminate relief to consumers and merchants. The reforms put into place a year ago are reasonable and narrowly target the problem. Suggestions to the contrary should be viewed with great skepticism.

Brad Griffin is president of the Montana Retail Association, and Ronna Alexander is executive director of the Montana Convenience Store Association.

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