Abstract: A retractable foot retaining clip including a spindle assembly attached to a lateral member of a pedal. The spindle assembly includes a housing attached to the lateral member and containing a spindle. The spindle has a first position and a second position and includes a locking mechanism for maintaining the spindle in either one of the first and said second positions. The retractable foot retaining clip assembly further includes a foot retaining clip lever coupled to the spindle and extending across the pedal and a foot retaining bar coupled to a distal end of the foot retaining clip lever. The foot retaining bar extends across a front face of the pedal in a direction substantially parallel to a lateral member of the pedal.