A group of US retail merchants are planning to file a petition in the Supreme Court to rule on a case involving Federal Reserve rules that allow banks to charge debit-card swipe fees.
The petitioners argue that the Fed rule is in excess of the requirements of the Dodd-Frank Act.
Representatives of the National Association of Convenience Stores and the National Retail Federation said the groups will sought the court intervention into the US Federal Reserve to cap the fees using the 2010 Dodd-Frank law that were about 44% per transaction at the time.
Doug Kantor, an attorney with Steptoe & Johnson in Washington who represents the retailers, told Reuters that, "Given how extensive these fees are and how they affect virtually every transaction that takes place in the United States… it’s a serious case that the Supreme Court ought to hear."
Swap fees, which is also known as interchange fees is paid by the merchants to banks whenever a customer use debit cards to purchase goods or services.
Earlier in March, a federal appeals court rejected the groups’ arguments and ruled that the Federal Reserve implemented reasonable rules for the fees.