In today’s economy, where America’s small businesses are already at a tremendous disadvantage to big box stores like Wal-Mart, Specter is going to introduce a bill to stop the HIDDEN CREDIT CARD TAX (aka interchange / swipe fees).
If you follow my ramblings, you know that I’ve highlighted the serious issue facing America’s businesses today – Interchange / Swipe fees. The problem is, as I’ve previously stated, is that America’s businesses are paying the highest % to process credit / debit cards in THE ENTIRE WORLD.
I love my plastic, but I don’t love the companies behind them charging my local coffee shop 3 plus percent on every item I buy. It’s ludicrous. I’ve talked to numerous biz-owners, as I do my best to be a good American consumer and they all say the SAME THING. "Lots of times it’s cheaper for me just to give things away, then pay the monthly fee plus % to process a CC transaction."
So in comes our hero from the right, when no OD’s (Original Dems) had the cojones (balls) to stand up.
U.S. Senator Arlen Specter may introduce a bill that seeks to limit interchange fees charged to merchants with each swipe of a credit card as prospects for passage of similar legislation this year wanes in the House.
Specter, 80, a Pennsylvania Democrat who faces a primary challenge in his quest for a sixth term, is "seriously considering" introducing legislation, his spokeswoman Kate Kelly said today.
Well it’s about time, I’m just a bit ashamed it took Speccy to introduce it, and not Dodd or other finance reform Senators, or Congressman. Even a guy I love, wouldn’t tackle it.
"Representative Barney Frank, chairman of the House Financial Services Committee and a Massachusetts Democrat, said yesterday at a conference in Washington that interchange "is not on our agenda this year."
Typical, afraid to do to much Washingtonia I guess..... Which shouldn’t surprise anyone. The horse trading needed to get Blue Duds on board with most sensible legislation is becoming so tedious it’s sad.
Another side note.... Those reward programs we all enjoy. The big banks tax the poor little retailers to pay for it.
Richer credit-card rewards hurt "mom-and-pop" merchants and U.S. interchange fees are the highest in the world, Welch has said. The fees, averaging about 2 percent, are deducted at the point of sale.
Quotes:
http://www.businessweek.com/...