IBAT has been reporting over the past few weeks that HB 3395 – the ill-advised bill to deduct sales taxes from interchange fees on debit and credit cards – has been in the spotlight. Sadly, the author and Chairman of the Pensions, Investments and Financial Services Committee, Giovanni Capriglione, brought this bill to a vote in committee last week. As expected, the bill passed 6 to 2, voted against by Representatives Frederick Frazier (District 61) and Stan Lambert (District 71). Please reach out to these gentlemen and let them know how much you appreciate their hard work, if you live in either of their districts.

At its core, this bill transfers 8% of your bank's revenue to merchants. In other words, it involves price controls and government intervention in a contractual agreement between private parties. This is a bad idea that needs to be stopped, and you can help!

We encourage you to visit our Grassroots Action Center to learn more and to contact your State Representative. Request their support of community banking on an issue we did not initiate, by telling them you strongly oppose this bill.