How Russell Simmons Out-Lobbied Big Banks
(Business Week) — It was surely the only time that lawmakers hammering out the financial regulation bill were lobbied by a man wearing a hoodie and New York Yankees baseball hat. That’s how Russell Simmons showed up on Capitol Hill earlier this month to fight a proposal to cap the fees retailers pay banks to process debit-card payments. Simmons, best known for his Phat Farm clothing line and Def Jam music label, is also the owner of UniRush, a Cincinnati company that sells a prepaid Visa (V) debit card called RushCard, with about 2.5 million users. Simmons has persuaded lawmakers to exempt his business from a measure that would shift more of the cost of debit-card processing from retailers to the banks.
SEE ALSO
- Why Women Get The ‘Ick’ More Than Men — It Might Just Prolong Their Lives
- Why Actress Amber Iman Calls ‘Goddess’ A Love Letter To Black Women In Theater [Exclusive]
- Diddy’s Defense Admits Violence But Denies Sex Trafficking In Opening Statements
- Love Or Liability? How Romantic Relationships Really Impact Your Wallet
- Here’s Why You Should Never Pee In The Shower, According To Health Experts
![Why Actress Amber Iman Calls 'Goddess' A Love Letter To Black Women In Theater [Exclusive]](https://ionemadamenoire.staging.go.ione.nyc/wp-content/uploads/sites/9/2025/05/17468188616796.png?strip=all&quality=80&w=102&crop=0,0,100,153px)
