The American Prospect: Small Businesses Rise to Fight Wall Street

In The American Prospect, ILSR Co-Director Stacy Mitchell and Senior Policy Advocate Katy Milani discuss the rise of credit card swipe fees and the growing grassroots opposition. An excerpt from the article, written by Luke Goldstein and originally published on February 8, 2023, follows:

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A newer crop of anti-monopoly organizations are connecting swipe fees to the broader industry concentration crisis crushing small businesses.

 

“We have a financial system that doesn’t work very well for ordinary people and independents because it’s disconnected from the real economy,” said Stacy Mitchell, co-executive director of the Institute for Local Self-Reliance, which helped assemble the Small Business Rising coalition. This nascent organization has blossomed into a large umbrella of local business groups and “Buy Local” consumer advocates. The coalition uses a grassroots model for its organizing tactics.

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Read the full article here.