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North Dakota merchants sue Federal Reserve over debit card fees

KVRR Local News April 29, 2021 NEW YORK – Two trade groups representing businesses in North Dakota filed a lawsuit Thursday against the Federal Reserve, asking the agency to lower its 10-year-old cap on “swipe” fee banks charge to process debit card transactions. The lawsuit, filed by the North Dakota Retail Association and the North Dakota Petroleum Marketers Association in U.S. District Court, argues that the agency failed to follow instructions outlined by federal law and said it should abandon the rule that caps those fees at 21 cents for cards from the largest U.S. banks. The suit comes as the popularity of debit cards surge and retailers have paid billions of dollars more than Congress intended while banks’ costs have dropped.

Legislative panel stamps out bill to raise cigarette taxes

Legislative panel stamps out bill to raise cigarette taxes By JAMES MacPHERSONFebruary 9, 2021 GMT BISMARCK, N.D. (AP) A North Dakota legislative panel on Tuesday snuffed out a proposal to raise the state’s cigarette tax from 44 cents to $1 a pack, which would have been the first such hike in almost 30 years. The House Finance and Taxation Committee gave a “do-not-pass” recommendation to the bipartisan bill, which was estimated to generate about $30 million annually. Companion legislation that would use those funds for health-related programs also failed to get the panel’s support. The legislation now goes to the full House for consideration.

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