National Retail Federation#039;s Swipe-Fee Fight

The National Retail Federation has launched a 60-day nationwide campaign to make sure that a reduction in the swipe fee for debit cards goes into effect as planned in late July. A reduction in swipe fees was passed by Congress last year as part of the Wall Street reform bill, but the credit-card industry is spending funds to delay the reform. The NRF believes that the reduction in swipe fees, also known as interchange fees, will save retailers at least $14 billion a year. Swipe fees are charges banks impose to process debit-card transactions. Part of the campaign involves flying in business leaders to Washington, D.C., in June to meet with congressional leaders to support the swipe-fee reform. The campaign is also mobilizing retailers across the country to lobby their local representatives to support swipe-fee reform.