The U.S. Department of the Treasury this week released a report demonstrating that reform of the current interchange or swipe fee system could save the federal government $36-39 million a year.

In the wake of the release of this report, Sen. Dick Durban (D-Ill.) is holding a June 16 hearing on the issue before the Subcommittee on Financial Services and General Government of the U.S. Senate Committee on Appropriations.

Durbin was the chief sponsor of an NSBA-supported amendment to the Restoring American Financial Stability Act which would make reasonable and common-sense reforms to the nation’s credit and debit card systems.

The formal conference that must reconcile the differences between the recently approved Restoring American Financial Stability Act and the financial regulatory reform legislation—the Wall Street Reform and Consumer Protection Act of 2009 (H.R. 4173)—the U.S. House of Representatives approved in December 2009 began this week.

The House conferees are: Spencer Bachus (R-Ala.), Judy Biggert (R-Ill.), Shelley Moore Capito (R-W.W.), Barney Frank (D-Mass.), Scott Garrett (R-N.J.), Luis Gutierrez (D-Ill.), Jeb Hensarling (R-Texas), Paul Kanjorski (D-Pa.), Mary Jo Kilroy (D-Ohio), Carolyn Maloney (D-N.Y.), Gregory Meeks (D-N.Y.), Dennis Moore (D-Ky.), Gary Peters (D-Mich.), Ed Royce (R-Calif.), Maxine Waters (D-Calif.), and Mel Watt (D-N.C.).

A number of House conferees also were named for specific portions of the bill. They are:

• Committee on Agriculture: Leonard Boswell (D-Iowa), Frank Lucas (R-Okla.), and Collin Peterson (D-Minn),
• Committee on Energy and Commerce: Joe Barton (R-Texas), Bobby Rush (D-Ill.), and Henry Waxman (D-Calif.).
• Committee on Judiciary: Howard Berman (D-Calif.), John Conyers (D-Mich.), and Lamar Smith (R-Texas).
• Committee on Oversight and Government Reform: Elijah Cummings (D-Md.), Darrell Issa (R-Calif.), and Ed Towns (D-N.Y.).
• Committee on Small Business: Sam Graves (R-Mo.), Heath Shuler (D-N.C.), and Nydia Velazquez (D-N.Y.).

Representing the Senate are: Sens. Saxby Chambliss (R-Ga.), Bob Corker (R-Tenn.), Mike Crapo (R-Idaho), Chris Dodd (D-Conn), Judd Gregg (R-N.H.), Tom Harkin (D-Iowa), Tim Johnson (D-S.D.), Patrick Leahy (D-Vt.), Blanche Lincoln (D-Ark), Jack Reed (D-R.I.), Charles Schumer (D-N.Y.), and Richard Shelby (R-Ala).

Both Dodd, the chair of the U.S. Senate Committee on Banking, Housing, and Urban Affairs and the lead sponsor of the overall Restoring American Financial Stability Act, and Frank, the chair of the U.S House Committee on Financial Services, have publicly stated that they intend to reach a conference agreement before on the overall package by the Fourth of July recess.

Both also have stated their belief that, given the overwhelming Senate support for Durbin’s amendment, some version of swipe-fee reform would be included in the final package. The opponents of the amendment are vigorously attempting to remove or weaken the provisions, however.

Members of Congress are hearing from the big banks, their employees, and their legions of lobbyists on this issue every day.

It is very important that they hear from the small-business owners it affects too, especially if you live in the state or district of one of the conferees.

Please take a moment to contact your members of Congress to ensure that the Durbin swipe fee amendment is included in the final financial regulatory reform bill currently being crafted.