ARLINGTON, Va. — Today, FMI – The Food Industry Association applauded a ruling by the Chief Judge of the Northern District of Illinois Eastern Division that upheld the Interchange Fee Prohibition Act. Passed in spring 2024, this law prohibits levying swipe fees on the sales tax portion of a credit card transaction. FMI Chief Public Policy Officer Jennifer Hatcher offered the following statement.
“FMI applauds the court decision today that preserves this first-in-the-nation law to prohibit charging retailers and consumers swipe fees on the sales taxes portion of a credit card transaction. This decision will provide relief to consumers and food retailers – which have an average profit margin of just 1.7% and chase pennies every day. This ruling confirms what the American people already know to be true – that these kinds of swipe fee schemes are nothing more than a tax on a tax.”
