NRF Supports Credit Card Swipe Fee Bill
The National Retail Federation is urging the House Judiciary Committee to approve legislation that would require Visa and MasterCard banks to negotiate over the terms and conditions associated with the $48 billion in credit card swipe fees paid by merchants and their customers each year.
"The fact that you’re seeing this issue being widely discussed both here in Washington and in the states shows that people have finally come to understand the huge financial impact these fees have on consumers and the economy," NRF Senior Vice President and General Counsel Mallory Duncan said. "It has become clear to lawmakers that these fees drive up consumer prices. We can't afford to have this much money diverted into banking profits at a time when Main Street businesses and working families are struggling to recover from the economic downturn."
NRF testimony before the committee last week "makes it clear that practices in setting swipe fees have violated federal antitrust law, and that most of these fees go to the nation’s largest banks, not local lending institutions," Duncan said. "If big banks can be required to negotiate with merchants the same as any other vendor offering a service, we can bring these fees down to a level that more fairly reflects the value of the service provided."