L.IC 4 C6n*> f%GX
ORDINANCE
WHEREAS, the City of Chicago is a home rule unit of government pursuant to the 1970 Illinois Constitution, Article VII, Section 6(a); and
WHEREAS, pursuant to its home rule power, the City of Chicago may exercise any power and perform any function relating to its government and affairs including the power to regulate for the protection of the public health, safety, morals, and welfare; and
WHEREAS, it is the duty of this City Council to ensure fair and equal access to the businesses and services that it licenses and regulates; and
WHEREAS, an emerging trend of "no cash" policies among vendors in the vital commerce sectors that are retail and restaurants threatens to marginalize significant numbers of Chicagoans; and
WHEREAS, in Chicago, retail food establishments including Argo Tea, SweetGreen, Epic Burger, and Goddess and the Baker have reportedly adopted such practices; and
WHEREAS, the nature of these businesses means that Chicagoans are unable to use cash to purchase a cup of coffee, a burger, or a salad; and
WHEREAS, advocates for this business practice tout saved time, money, and added safety resulting from not having to handle cash, which can allow them to lessen staff training, security measures, and bookkeeping processes; and
WHEREAS, notably, however, credit card companies levy a fee of between one and three percent on each credit card transaction, a business cost typically passed on to consumers via increased pricing; and
WHEREAS, in addition to higher prices, increased spending is another effect of credit card use, with studies confirming that individuals tend to spend more when using credit than cash and a specific study finding that the increase is between 12% and 18%; and
WHEREAS, when an estimated 60% of consumers are unable to pay off their credit card balances each month, the corresponding interest—at a typical annual rate of 16%—on the purchase can significantly compound its cost; and
WHEREAS, evidence suggests that...
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