Taking a Stand Against Swipe Fees
A coalition of 134 national and state associations joined forces to endorse a piece of legislation aimed at reining in excessive debit card “swipe fees.” The U.S. Senate recently voted to add an amendment to the Restoring American Financial Stability Act of 2010 that would allow merchants more freedom regarding credit card usage, including offering discounts for payments other than by credit card. The amendment also would require the Federal Reserve to direct banks to make sure interchange fees imposed on debit card sales are “reasonable and proportional” to the amount of the transaction. The associations—including the American Apparel & Footwear Association, the National Retail Federation and the California Retailers Association—recently sent a letter to members of the U.S. Senate in support of the amendment, which was proposed by Senate Majority Whip Richard Durbin (D–Ill.).
