FMI President and CEO Leslie G. Sarasin Comments on Appellate Decision regarding Fed Ruling
ARLINGTON, VA – MARCH 21, 2014 – Food Marketing Institute (FMI) issued the following statement from President and CEO Leslie G. Sarasin:
"Today we learned the disappointing news that the D.C. Circuit largely upheld the U.S. Federal Reserve’s debit card interchange fee rule and network non-exclusivity rule, reversing the decision of the U.S. District Court that had previously held for the merchants.
"We await the input of counsel on their interpretation of this tremendously perplexing ruling and the opportunity to put together our longer term goals. We will determine our next steps after we have time to review the decision more thoroughly.
"FMI remains dedicated to pursuing marketplace competition for our food retailer and wholesaler members. The food retailing industry, unlike the banking industry, is highly competitive and has maintained a net profit margin of less than one percent for the last two decades."
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