Stands Alongside Church Street Business Owners

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 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, Senator 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).  

“Credit card swipe fees inflate the prices that consumers pay for everyday purchases like groceries and gas.  It’s time to inject real competition into the credit card network market, which is dominated by the Visa-Mastercard duopoly,” said Durbin in a statement.  “This legislation, which builds upon pro-competition reforms Congress enacted in 2010, would give small businesses a meaningful choice when it comes to card networks, and it would enable innovators to gain a foothold in the credit card market.  Bringing real competition to credit card networks will help reduce swipe fees and hold down costs for Main Street merchants and their customers.”   

“When it comes to Main Street vs. Wall Street, I’ll stand with Main Street businesses, who are the backbone of our economy, every single time,” said Marshall.  “At a time of economic uncertainty and skyrocketing inflation, these credit card companies are increasing their hidden swipe fees and price gouging small businesses and consumers.  Our legislation would rein in the big banks and the credit card industry, drive down costs for convenience stores, gas stations, and other small businesses, and ultimately pass those savings down to consumers.  This legislation is the right thing to do, and I am proud to reintroduce it with bicameral and bipartisan support.” 

For more on the Credit Card Competition Act, please click here.

Source: 6.9.12023. BURLINGTON, VT—Senator Peter Welch