WASHINGTON, Oct 12, 2011 (BUSINESS WIRE) -- Legislation introduced today in the House to repeal debit card swipe fee reform would cost consumers more than $6 billion a year in savings that merchants plan to pass along to their customers, the National Retail Federation said.
"This misguided legislation would take billions of dollars in savings away from American consumers," NRF Senior Vice President and General Counsel Mallory Duncan said. "The banks tried to stop this law from being passed, they tried to delay it once it was passed, and they managed to water down the amount merchants and consumers will save. Now that it's just barely taken effect, they are trying to repeal it before anyone can benefit. Congress needs to stop doing the bidding of the banks and think about the people who paid for the bank bailout not so long ago—consumers and Main Street merchants."
Representatives Jason Chaffetz, R-Utah, and Bill Owens, D-N.Y., today announced plans to introduce legislation that would repeal debit card swipe fee reform regulations that took effect on October 1. The regulations, set by the Federal Reserve under last year's Wall Street reform law, capped debit card swipe fees charged by the nation's largest banks at about 21 cents, down from an average 44 cents. Analysts have estimated that the cap will save merchants and their customers more than $6 billion a year.
It really couldn't be more clear who's on the side of the one percent and who's representing the rest of us. Or who is in it to make the lobbyists happy.