The National Retail Federation has expressed disappointment over the Federal Reserve’s announcement that it will appeal a U.S. District Court judge’s ruling that the cap it set on debit card swipe fees in 2011 was too high.
“We are very disappointed to see the Fed giving in to the banks. The facts are very clear that the Fed set the cap far higher than intended by Congress, and the court has insisted that the mistake be fixed as soon as possible”, said Vice President for Government Affairs Public Relations J. Craig Shearman.
“Instead, the Fed has taken a position that will drag this out while retailers and their customers continue to pay billions of dollars in inflated fees that harm the U.S. economy. We want to see this case resolved today, not next year, so these fees can finally be brought under control.”
As the world’s largest retail trade association and the voice of retail worldwide, NRF represents retailers of all types and sizes, including chain restaurants and industry partners, from the United States and more than 45 countries abroad. Retailers operate more than 3.6 million U.S. establishments that support one in four U.S. jobs – 42 million working Americans.