Retail Industry Leaders Association Inc.

06/04/2025 | Press release | Distributed by Public on 06/04/2025 08:25

Retailers' Statement Ahead of Bowman Confirmation Vote

Retailers' Statement Ahead of Bowman Confirmation Vote

  • By [ Austen Jensen ]
  • Washington, DC
  • 06/04/2025
The Retail Industry Leaders Association (RILA) released the following statement as the Senate prepares to consider the nomination of the Honorable Michelle Bowman to be Vice Chair for Supervision, Board of Governors of the Federal Reserve System:
"As the Senate prepares to consider the nomination of the Honorable Michelle Bowman to be Vice Chair for Supervision, Board of Governors of the Federal Reserve System, it is an important moment to consider some of the key issues before the board. For more than a decade, retailers and consumers have been footing the bill for debit interchange rates far higher than what the law requires. The data proves the current rate needs to be lowered to more accurately reflect the reasonable and proportional costs incurred by issuing banks," said Austen Jensen, RILA executive vice president, government affairs. "Leading retailers encourage Governor Bowman in her expanded role to allow the process to move forward by quickly finalizing the rule so it can be implemented. It is essential that the overall interchange threshold be reduced to a level that reflects congressional intent and the true cost in the market."
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RILA is the US trade association for leading retailers. We convene decision-makers, advocate for the industry, and promote operational excellence and innovation. Our aim is to elevate a dynamic industry by transforming the environment in which retailers operate.

RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $2.7 trillion in annual sales, millions of American jobs, and hundreds of thousands of stores, manufacturing facilities, and distribution centers domestically and abroad.

Tags

  • Finance
  • Public Policy
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