The National Retail Federation plans to embark on a media and grassroots campaign to encourage lawmakers not to make any changes to the Durbin Amendment, saying that any delay would prevent retailers from launching discount programs.
The NRF said it plans to announce the program at a news conference on Wednesday. The trade association said the Fed rule would "reduce debit swipe fees by an estimated 70%, saving about $14 billion a year that retailers plan to pass along to their customers through discounts or other benefits.''
The association said the financial services trade groups have spent "significant resources pushing a misinformation campaign about the reforms.''
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