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OP-ED: Congress Is Right: Federal Reserves Reg II Will Hurt Minority Communities in America [Video]

By Dr. Benjamin F. Chavis, Jr., National Newspaper Publishers Association President and CEO

I am pleased to congratulate Rep. Nikema Williams (D-Ga.) who led a coalition of lawmakers who wrote to the Federal Reserve urging the central bank to withdraw Regulation II — its new proposal to reduce the cap on the debit card swipe fees merchants must pay to debit card processors — out of concern that it will hurt minority communities’ credit access.

I sympathize with the feelings of these congressional members. Having dedicated my life to advancing civil rights and promoting economic advancement for African Americans, I fear that this proposal, while well-intentioned, will create regressive outcomes that will ultimately hurt the very people it is intended to help.

While lowering the current cap on debit card swipe fees may appear like a reasonable measure to take in what has proven to be a lackluster economy for many …

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