Bipartisan coalition calls on House leadership to support cracking down on credit card swipe fees
At a Capitol Hill press conference Tuesday morning, a bipartisan coalition of lawmakers called on House negotiators to retain a Senate-passed amendment to Wall Street reform legislation cracking down on credit card swipe fees. Led by Reps. Peter Welch (D-Vt.), Bill Shuster (R-Pa.) and Chris Carney (D-Pa.), the group released a letter to Speaker Pelosi and Minority Leader Boehner emphasizing their support for the Durbin swipe fee amendment, which supports small businesses by reining in excessive fees imposed by the credit card industry. Also taking part in the press conference were Reps. Walter Jones (RN.C.), Keith Ellison (D-Minn.) and John Hall (DN.Y.). The Durbin amendment, which passed the Senate by a bipartisan vote of 64-33, directs the Federal Reserve to ensure that the fees small businesses pay to process debit card transactions are reasonable and proportional to the costs incurred. It also prevents card networks, like Visa and MasterCard, from penalizing small businesses that offer discounts to customers paying in cash. Small businesses around the country are struggling to stay in business as they bear the brunt of the credit card industrys out-of-control swipe fees. These cash register rip-offs prevent small businesses from growing and creating jobs, and consumers end up paying the price, Rep. Welch said. This practical, bipartisan proposal will bolster small businesses by cracking down on the worst abuses perpetuated by the credit card industry. Credit and debit …
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