According to the study the result of the debit form legislation was $86 billion in Louisiana consumer savings and $38 billion in savings for Louisiana merchants. The study estimates that 551 jobs were created in Louisiana as a result of the debit card swipe fee reduction.
Reducing the cost for merchants to swipe debit cards put $5.8 billion back into the hands of consumers through lower prices, which led to sufficient increased spending to support 37,501 new jobs, the report finds.
"The facts are in and the numbers don't lie. Debit reform is helping consumers, and both consumers and the economy are big winners," said MPC Chairman Mallory Duncan, senior vice president and general counsel of the National Retail Federation. "Debit card swipe fees are eating up less of consumers' purchasing power, and that has yielded significant savings. These are long-term benefits that will steadily boost the U.S. economy."
