In response to President Obama signing the Dodd-Frank Wall Street Reform and Consumer Protection Act on July, the Food Marketing Institute (FMI) voiced its support of the law, which will reform debit card swipe fees set by banks and credit card companies.

"Retailers and their customers are winners today," said Leslie G. Sarasin, FMI president and CEO, in the statement. "Consumers have been paying more than $50 billion a year in hidden swipe fees to credit card companies and banks every time they swipe their credit or debit card. We applaud the President for signing this law to bring fairness and transparency to these fees."

FIA is a founding member of the Merchants Payments Coalition, a group of nearly 100 associations representing retailers, supermarkets, drug stores, convenience stores, fuel stations, online merchants and other businesses that accept debit and credit cards. For more information about FMI, visit