Congressman Carlos Gimenez Joins Small Business Owners, Industry Leaders, Policy Experts
Small Business Panel: Federal Credit Card Mandates Are Threat to Florida Small Businesses
Miami, FL – The South Florida Hispanic Chamber of Commerce (SFLHCC) hosted a panel discussion today about proposed credit card mandates currently under consideration in Washington. Small business owners from south Florida were joined by Congressman Carlos Gimenez (R-FL), industry leaders and policy experts to analyze the potential impact of federal mandates on Florida’s economy.
South Florida Hispanic Chamber of Commerce Small Business Panel Discussion:
“Proposed Credit Card Mandates: A Threat to Your Small Business & Our Economy”
Moderator:
Lily Lopez, SFLHCC President and Founder
Panelists:
Nick Simpson, Managing Director, Electronic Payments Coalition
Indraneel Chakraborty, Finance Department Chair, University of Miami
Michelle Febres, Vice President, National Marketing Group Services
Special Guest:
Congressman Carlos Gimenez (FL-28)
“Florida small businesses oppose government mandates on credit cards because they that would threaten the security and rewards programs they rely on. Small business owners depend on electronic payments to stay in business, and they see Durbin-Marshall as a threat to that system,” said moderator Lilliam Lopez, President/CEO of the South Florida Hispanic Chamber of Commerce.
“Small businesses are the lifeblood of our economy, and they won’t see a dime in savings from the Durbin-Marshall credit card bill. These mandates, handed down from Washington, will weaken security, increase fraud, and decimate rewards programs. This is a multibillion-dollar giveaway to corporate megastores that comes at the expense of small businesses and consumers,” said Nick Simpson, Managing Director, Electronic Payments Coalition.
The Durbin-Marshall credit card bill is set to be reintroduced in Congress, and the sponsors are pushing for a vote this year. The proposed legislation is a direct threat to the electronic payments and rewards system and would have a major negative impact on small business owners who use credit cards and rewards to run their businesses. The legislation would circumvent the competitive market with a new government routing mandate that would dictate processing networks, without regard to security or quality. A recent study revealed that the bill would “disproportionately benefit the top five businesses in the U.S.” while “costing small businesses over $1 billion in lost rewards as well as a decline in access to credit.”