WASHINGTON (WCAX) – Vermont Sen. Peter Welch is taking aim at what he calls exorbitant credit card fees paid by businesses.
During a Senate Judiciary Committee hearing, Welch confronted Visa and MasterCard officials about their practice of “swipe fees.” Welch says those fees cost small businesses more than $100 billion last year alone.
“A concern that I think all of us have to have is the erosion of small businesses in our small communities. They are so essential to the well-being of where we live and how we live,” Welch said. “The issue here is about the powerlessness of businesses. And there’s a difference between the bookstore and Visa and Mastercard.”
Welch says the Credit Card Competition Act would create more competition in the credit card market and bring down prices for small businesses.