Retailers Denounce Lawmakers Siding with Big Banks Over Main Street Businesses and Consumers
FOR IMMEDIATE RELEASE
June 1, 2025
SPRINGFIELD – The Illinois Retail Merchants Association (IRMA) released the following statement after the Illinois General Assembly voted to delay implementation of the Interchange Fee Prohibition Act, which would limit swipe fees from being charged on the tax and tip portion of transactions:
“We are disappointed the General Assembly is delaying implementation of this law, which would provide historic relief from out-of-control credit card swipe fees for Main Street businesses and consumers. By refusing to require compliance as originally intended, legislators are again taking hundreds of millions of dollars out of the pockets of working families and Main Street businesses and giving it to big banks, credit card companies and credit card processors,” said Rob Karr, president and CEO, Illinois Retail Merchants Association. “We remain committed to ensuring this law is not delayed further and urge lawmakers to renew the promise they made to stop the swipe fee greed that is driving up prices and making it harder for families and businesses to make ends meet.”
About the Illinois Retail Merchants Association (IRMA)
One of the largest state retail organizations in the United States, IRMA serves as the voice of retailing and the business community in state government. Founded in 1957, IRMA represents more than 23,000 stores of all sizes and merchandise lines. From the nation’s largest retailers to independent businesses in every corner of the state, merchants count on IRMA to fight for the best possible environment in which to do business in Illinois. For more information, visit https://irma.org
# # #
