NRF Praises "Swipe Fee" Legislation
The National Retail Federation welcomed a provision in financial services reform legislation passed by the House last week that will help hold down the $20 billion in debit card swipe fees charged annually by the banking industry and allow merchants to give discounts to customers who don't use credit cards.
"The House has sent a clear message that big banks shouldn't be allowed to drive up consumer prices by charging fees that are outrageously out of proportion to the actual cost of processing a transaction," NRF Senior Vice President and General Counsel Mallory Duncan said in a release. "The requirements of this bill should result in debit card swipe fees that are truly 'reasonable' and ensure that banks can't put their hands quite as far into consumers' wallets as they do today."
The House voted 237-192 last Wednesday to approve the conference report on H.R. 4173, the Dodd-Frank Wall Street Reform Act of 2010, named for Senate Banking Committee Chairman Christopher Dodd, D-Conn., and House Financial Services Committee Chairman Barney Frank, D-Mass. The report is the final version of a pair of wide-ranging financial services reform bills first passed by the House in November and the Senate in September. The Senate is expected to vote on measure later this week in order to have it on President Obama’s desk before Congress heads home for the Independence Day holiday.