Welch Statement on House Bill to Repeal Swipe Fee Reforms
WASHINGTON – Rep. Peter Welch (D-VT) today released the following statement on the introduction of legislation in the U.S. House of Representatives that would repeal critical swipe fee reforms to the Wall Street Reform and Consumer Protection Act of 2010.
“For years, Senator Durbin and I have sounded the alarm about unregulated interchange fees and the harm it does to consumers, small businesses, and the economy. The repeal of these reforms would roll back the clock on competition and transparency and allow the credit card industry to return to its practice of ripping off consumers and small businesses unabated. I will continue to work closely with Senator Durbin to make sure this bill never makes it to the President’s desk.”