Title: Bipartisan Credit Card Competition Act to Reduce Fees for Small Businesses
In an effort to bring competition to the credit card network market, Vermont Senator Peter Welch introduced bipartisan legislation, the Credit Card Competition Act, aimed at reducing the high fees charged to small businesses for credit card transactions and lowering costs for Vermontans.
The bill advocates for a common-sense approach to help reduce costs for small businesses and homestead families, who often find it challenging to manage fees imposed by credit card companies.
Small business owners often face difficulties trying to keep costs down for customers due to fees such as interchange fees, which are some of the highest in the world, imposed by the Visa-Mastercard duopoly.
In this article, we will delve deeper into the Credit Card Competition Act and its potential impact on small businesses. Additionally, we will explore why reducing fees is vital in rebuilding the economy following the pandemic.
Legislation to Restore Competition in the Credit Card Network Market
The Credit Card Competition Act has received bipartisan and bicameral support in Washington, with Senator Welch leading the bill in the Senate joined by Senate Majority Leader Dick Durbin (D-IL) and Senators Roger Marshall, MD (R-KS) and JD Vance (R-OH). The companion legislation was introduced in the House by Representatives Lance Gooden (R-TX-05) and Zoe Lofgren (D-CA-18).
The act aims to reduce credit card fees and transfer costs for small businesses. By bringing competition to the credit card network market, the legislation seeks to reduce fees imposed upon small businesses by Visa and Mastercard, who presently dominate the market.
Furthermore, the legislation will allow small businesses to choose card schemes, which could lead to innovators gaining a foothold in the card market. The act’s success in bringing real competition to the credit card networks will help keep costs down for merchants and their customers.
Impact on Small Businesses in Vermont
Small businesses in Vermont such as Homeport’s Mark Bouchette and Wilder Wine’s Sipha Lam have expressed gratitude towards Senator Welch for his efforts in introducing the Credit Card Competition Act. Mr. Bouchette emphasized that operating and owning a small business is rewarding but challenging work.
The intense fees imposed by the world’s largest credit card companies only make it difficult for small businesses to keep costs down for customers and keep the doors open. The bipartisan Credit Card Competition Act represents a significant step towards providing small businesses with relief as they recover from the pandemic.
Reducing Fees and Its Impact on Rebuilding the Economy Post-Pandemic
Reducing fees for small businesses is crucial in ensuring that these businesses can remain competitive and continue to operate efficiently. Small businesses play a vital role in the US economy, with millions of Americans employed by these businesses.
The pandemic has had a profound impact on small businesses, and reducing fees can go a long way towards rebuilding the economy. It will not only help small businesses keep costs down for customers but also create more job opportunities and boost consumer confidence in the long run.
Conclusion
The Credit Card Competition Act represents a significant milestone towards reducing fees for small businesses and homestead families, who face challenges in keeping costs down due to Visa and Mastercard’s high interchange fees. Moreover, reducing fees is essential for rebuilding the US economy post-pandemic.
This legislation has received bipartisan and bicameral support, which is promising. Furthermore, it will help small businesses make better choices by allowing them to opt for card schemes, which could lead to innovators gaining a foothold in the card market.
Senator Welch’s initiative at bringing competition to the credit card network market is commendable. The Credit Card Competition Act represents a step towards providing small businesses with relief as they work to recover from the pandemic.
Summary
The Credit Card Competition Act, introduced by Senator Peter Welch, aims to reduce high fees charged to small businesses for credit card transactions and lower costs for Vermontans. The bill has bipartisan of support and seeks to reduce fees imposed by Visa and Mastercard through competition in the credit card network market.
Small businesses in Vermont, such as Homeport and Wilder Wine, have expressed support for the Credit Card Competition Act, emphasizing the challenges they face in keeping costs down due to high interchange fees.
Reducing fees for small businesses is crucial in rebuilding the US economy post-pandemic. Its success will not only create more job opportunities but also boost consumer confidence in the long run. The initiative to bring competition to the credit card network market is praiseworthy and represents a significant milestone towards providing small businesses with relief as they recover from the pandemic.
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It is located next to the business owners of Church Street
Vermont Business Magazine Senator Peter Welch (D-VT) joined Burlington small business owners Friday to celebrate the introduction of the Credit Card Competition Act, bipartisan legislation to bring competition to the credit card network market. , lower fees charged to small businesses when processing credit card transactions, and lower costs for Vermontans.
Joined by Homeport’s Mark Bouchette, Wilder Wine’s Sipha Lam, representatives from the Vermont Retail & Grocers Association (VRGA) and local leaders, Senator Welch highlighted the bill’s common-sense approach to reducing costs for small businesses and homestead families. Vermont.
“It’s hard enough being a small business owner without Visa and Mastercard imposing these brutal fees. Instead of supporting our small businesses, this duopoly hits US companies with the highest interchange fees in the world. Vermont businesses deserve better,” said Senator Welch. “I am proud to help lead this bipartisan legislation to restore competition to the credit card network market and reduce costs for Vermonters.”
“Owning and operating a small business is rewarding but tough work, and the intense fees imposed by the world’s largest credit card companies only make it more difficult to keep costs down for our customers and keep the doors open. We are grateful that Senator Welch is leading this bill because it will help reduce transfer fees and costs for small businesses here in Vermont,” said Mark Bouchette, owner of Homeport.
The Credit Card Competition Act has received bipartisan and bicameral support in Washington, with Senator Welch (D-VT), Senate Majority Leader Dick Durbin (D-IL), and Senators Roger Marshall, MD (R -KS) and JD Vance (R-OH) leading the bill in the Senate. The companion legislation was introduced in the House by Representatives Lance Gooden (R-TX-05) and Zoe Lofgren (D-CA-18).
“Credit card swiping fees inflate the prices consumers pay for everyday purchases like groceries and gas. It is time to inject real competition into the credit card network market, which is dominated by the Visa-Mastercard duopoly,” Durbin said in a statement. “Building on the pro-competitive reforms Congress enacted in 2010, this legislation would give small businesses significant choice when it comes to card schemes, and allow innovators to gain a foothold in the card market. the credit cards. Bringing real competition to the credit card networks will help reduce slippage fees and keep costs down for Main Street merchants and their customers.”
“When it comes to Main Street versus Wall Street, I will always support Main Street companies, which are the backbone of our economy,” Marshall said. “In a time of economic uncertainty and skyrocketing inflation, these credit card companies are increasing their hidden slip fees and driving up prices for small businesses and consumers. Our legislation would rein in big banks and the credit card industry, reduce costs for convenience stores, gas stations, and other small businesses, and ultimately pass those savings on to consumers. This legislation is the right thing to do and I am proud to reintroduce it with bicameral and bipartisan support.”
For more information on Credit Card Competition Law, please Click here.
Source: 6.9.12023. BURLINGTON, VT—Senator Peter Welch
https://vermontbiz.com/news/2023/june/11/welch-supports-bill-cut-credit-card-costs-small-businesses
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