Credit card fees are still growing and are largely unpredictable. As the United States begins to embrace new technologies, such as mobile payments, it is critical for America's entrepreneurs that we not perpetuate a broken payments system that harms small businesses and their customers.
We shouldn't let credit card giants own our future and hurt local businesses and their customers. The beauty of the American system is that we make everyone compete so that the little guy - consumer or small business - gets the benefit of that. That ought to start happening in credit cards too. The credit card industry shouldn't get a free pass. We need to make them compete in an open, transparent way. If we do, we will all win.
Rep. Peter Welch (D-Vt.) is a member of the Oversight and Government Reform and Agriculture committees.