The National Restaurant Association has urged Congress to pass the Wall Street Reform and Consumer Protection Act (H.R. 4173), which include several provisions that could affect the restaurant industry, including interchange "swipe" fee reforms.

The bill addresses problems associated with debit card interchange or "swipe fees" and restrictions on payments made with credit cards. Under the Act, the Federal Reserve would have the authority to develop regulations ensuring that swipe fees imposed on debit card transactions are "reasonable and proportional" to the cost incurred in processing the transaction. These fees are a growing expense for restaurants, and are the third highest cost for most establishments, usually following only labor and food expenses, according to the National Restaurant Association.

In addition, the bill would prohibit restrictions on discounts and allow merchants to set a $10 minimum transaction level for credit cards. Current rules prohibit businesses that take credit or debit cards from setting a minimum transaction level, according to the Association, because of slim profit margins for payment processing companies. The reforms would also allow businesses to offer certain discounts to consumers for the use of certain forms of payment.

The Act would also require the Consumer Financial Protection Bureau (CFPB) to review potential negative side effects for small businesses, particularly in regards to access to credit. Many restaurateurs report difficulty accessing credit during economically challenging times, the National Restaurant Association said.