Home » FMI Encourages Biden To Help Reel In Credit Card Fees
Association News National

FMI Encourages Biden To Help Reel In Credit Card Fees

FMI logo

In her response to the State of the Union Address on March 7, FMI – The Food Industry Association President and CEO Leslie G. Sarasin encouraged President Joe Biden to focus on solutions instead of politics. 

Sarasin’s statement began by acknowledging that Biden covered a “variety of issues affecting Americans across the country, including economic issues.” It then continued: 

“The food industry shares the President’s concerns about the impact of inflation on Americans. Affordability is a core value for grocers and an essential component of our competitive industry. We chase pennies in this competitive market to stay in business.   

“The food industry continues to face headwinds and economic hurdles, such as persistently high labor costs, ever-increasing interchange fees for credit card payments, fees our pharmacies pay on every prescription to pharmacy benefit managers and an increasingly burdensome regulatory framework.  

“If the President is truly committed to reducing food inflation, reeling in excessive credit card swipe fees through support for legislation like the bipartisan, bicameral Credit Card Competition Act should be at the top of his agenda. 

“We take our responsibility of helping Americans feed their families seriously, and we are committed to helping consumers to find solutions with sales, recommended substitutions and offering a variety of sizes and price points.   

“We welcome and encourage a national discussion about inflation, prices and the many factors that influence the economy, but it must be a conversation that is informed by data and focused on solutions rather than politics.”  

About FMI

As the food industry association, FMI works with and on behalf of the entire industry to advance a safer, healthier and more efficient consumer food supply chain. 

FMI brings together a range of members across the value chain – from retailers that sell to consumers, to producers that supply food and other products, as well as a wide variety of companies providing critical services – to amplify the collective work of the industry.

Read more association news from The Shelby Report.

About the author

Sommer Stockton

Web Editor

Sommer joined The Shelby Report in January 2022 after graduating from Brenau University in Gainesville, GA with a B.A. and M.A. in Communications and Media Studies. Sommer is excited to learn about the grocery industry and share her findings with The Shelby Report's readers!

Featured Photos

Featured Photo PLMA Annual Private Label Trade Show
Donald E. Stephens Convention Center
Chicago, Illinois
Share via
Copy link
Powered by Social Snap