NRF urges quick action on U.S. Congress' request to investigate new debit card fees imposed by some banks
October 18, 2011
(National Retail Federation)
– The National Retail Federation issued the following statement from Senior Vice President and General Counsel Mallory Duncan in response to today’s announcement by Representative Peter Welch, D-Vt., and others that they are asking the Justice Department to investigate new monthly debit card fees imposed by some banks.
“Legal experts testifying before Congress and litigation currently pending in federal court have argued that banks have violated federal antitrust laws by collectively setting credit and debit card swipe fees. Now we have members of Congress asking the same question about new fees some banks are dreaming up. American consumers deserve honest and open competition in a market that is free of any hint of collusion. We trust that the Justice Department will ensure that this is the case.”
As the world’s largest retail trade association and the voice of retail worldwide, NRF’s global membership includes retailers of all sizes, formats and channels of distribution as well as chain restaurants and industry partners from the United States and more than 45 countries abroad. In the United States, NRF represents an industry that includes more than 3.6 million establishments and which directly and indirectly accounts for 42 million jobs – one in four U.S. jobs. The total U.S. GDP impact of retail is $2.5 trillion annually, and retail is a daily barometer of the health of the nation’s economy. www.nrf.com.