In an effort to preserve swipe fee reform, the National Retail Federation (NRF) recently launched a 60 day advocacy campaign. The initial provision requiring the Federal Reserve Bank to issue rules that place ‘reasonable’ limits on debit card swipe fees, is now a reform valued at $14 billion a year, and one that the NRF would like to ensure takes place as scheduled in July. The more than $1 billion in savings to be acquired monthly by retailers, and in turn their consumers, is a welcomed change, according to NRF Senior VP and General Counsel, Mallory Duncan, explaining, “Swipe fees have been driving up prices for our customers for years.”
Keeping Swipe Fee Reform Facts Straight
Decrying the drafted Federal Reserve rules as price fixing by Congress, the banking community has spent millions to delay the reform. The NRF and its President and CEO, Matthew Shay, are working aggressively to preserve swipe fee reform. Shay emphasizes, “This campaign represents a major leap forward in expanding retail’s advocacy footprint, to match the industry’s broad economic footprint. With the approval of the organization’s new strategic plan, we are committing new resources to ensure that retailers will have their voice heard for every important public policy decision.” Positioned as a well recognized retail trade association, the NRF is hoping to correct any misinformation given by the banking industry in its effort to take away the reform from independent retailers.
The NRF’s lobbying, grassroots and media campaign will include:
• A media relations campaign, including briefings and interviews with national and local news outlets.
• A nationwide print and radio advertising campaign, including inside-the-beltway print and radio ads, and hundreds of thousands of dollars in radio ads in key markets nationwide.
• A platform for merchants and consumers to get involved through a new web resource center.
• An intensive grassroots campaign mobilizing retailers from across the country through NRF’s global members, including retailers of all sizes, formats and channels of distribution.
This article has been adapted from an original press release on the NRF website.