Welch seeks crackdown on credit firms

June 12, 2008

Welch seeks crackdown on credit firms

MONTPELIER — U.S. Rep. Peter Welch has introduced legislation to crack down on what he says are steep fees charged by credit card companies to small businesses that use the cards to make sales.

Vermont's lone representative to the U.S. House joined Washington-area retailers and a national consumer advocate in announcing the move, saying the issue was raised at a February meeting devoted mainly to the high costs credit card companies impose on consumers.

Welch says consumers and small businesses are being ripped off. He says many card companies charge U.S. businesses 2 percent of the transaction amount while in the United Kingdom it's 0.5 percent.

Source

http://www.timesargus.com/apps/pbcs.dll/article?AID=/20080612/NEWS02/806120359