BURLINGTON, VT—Senator Peter Welch (D-VT) joined Burlington small business owners today to celebrate the introduction of the Credit Card Competition Act, bipartisan legislation to bring competition to the credit card network market, lower burdensome fees small businesses are charged when processing credit card transactions, and bring down costs for Vermonters.
Joined by Homeport’s Mark Bouchette, Wilder Wine’s Sipha Lam, representatives from the Vermont Retail & Grocers Association (VRGA) and local leaders, Sen. Welch highlighted the bill’s common-sense approach to cutting costs for Vermont small businesses and families.
“It’s hard enough to be a small business owner without Visa and Mastercard imposing these brutal fees. Instead of supporting our small businesses, this duopoly hits U.S. businesses with the highest interchange fees in the world. Vermont businesses deserve better,” said Sen. Welch. “I’m proud to help lead this bipartisan legislation to restore competition to the credit card network marketplace and lower costs for Vermonters.”
“Owning and operating a small business is rewarding but tough work—and the intense fees imposed by the world’s biggest credit card companies only make it harder to keep costs low for our customers and keep the doors open. We’re thankful that Senator Welch is leading this bill because it’s going to help lower swipe fees and bring down costs for small businesses here in Vermont,” said Mark Bouchette, owner of Homeport.
The Credit Card Competition Act has received bipartisan, bicameral support in Washington, with Senator Welch (D-VT), Senate Majority Whip Dick Durbin (D-IL), and Senators Roger Marshall, M.D. (R-KS), and J.D. Vance (R-OH) leading the bill in the Senate. Companion legislation was introduced in the House by Representatives Lance Gooden (R-TX-05) and Zoe Lofgren (D-CA-18).
For more on the Credit Card Competition Act, please click here.