The Retail Industry Leaders Association has unrolled a series of advertisements aimed at convincing federal lawmakers to preserve "hard-fought swipe fee reform" allegedly threatened by legislation before Congress.

The Financial CHOICE Act in the U.S. House of Representatives would roll back many financial industry regulations created by the Dodd-Frank Act, which was passed in response to the financial crisis of the last decade. The bill would repeal a cap on debit card swipe fees.

Retailers and other merchants want the cap to remain in place, fearing banks would charge exorbitatnt fees for debit card transactions. In TV ads that will appear in key congressional districts, RILA accuses banks of creating the financial crisis and says the institutions are "rigging the system again."

"We launched these ads to remind Congress that America cannot afford to bail out Wall Street and the big banks once again," said Austen Jensen, vice president of government affairs and financial services at RILA. "As it stands, this legislation is a poison pill for any bipartisan effort to enact meaningful financial reform."

Other retail groups—including the National Retail Federation, American Booksellers Association and National Association of Convenience Stores—have also voiced opposition to eliminating the cap.

Bank industry associations support passage of the Financial CHOICE Act, which clear the House Financial Services Committee last week.

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