Welch, who supports Durbin’s amendment, and Representative Bill Shuster, Republican of Pennsylvania, co-sponsored a bill last year to limit fees on premium credit cards. Those cards, which typically carry higher interchange levies to help fund rewards programs, hurt “mom-and-pop” merchants, Welch said. Frank has said that bill wouldn’t be on his committee’s agenda this year.
“Merchants who pay these transaction fees are small and have no more bargaining power about what they will pay and what cards they can accept than an individual when they get a credit card from a company,” Welch said today
MasterCard’s Banga Says Card Proposals May Survive – BusinessWeek