Washington, D.C. The National Retail Federation Friday launched a radio campaign urging the House and Senate to keep an amendment seeking reasonable swipe fees for debit-card transactions in financial services reform legislation expected to be finalized next week.
“With big banks and the credit-card industry pushing hard to strip this important consumer protection out of the financial services reform bill, we want to make sure that members of Congress realize how angry small businesses and their customers are about these fees,” NRF senior VP for government relations Steve Pfister said. “These fees are driving up costs for consumers at a time when our economy is still recovering. Taxpayers have already paid for one bailout of the banking industry. Consumers shouldn’t be asked to bail out the banks and the card industry again, but that’s what would happen if this amendment is killed.”
The panel is expected to complete its work next week, followed by final votes in the House and Senate the following week in order to get the bill on President Obama’s desk by July 4.