Vermont Congressman Peter Welch, who proposed interchange legislation in the U.S. House last year, claims that the increasing calls for delayed implementation of the Durbin interchange controls are a result of financial services industry lobbying efforts, and that the power of the retail industry will help protect the proposal. Welch's position was reported in the 2/17 issue of Bloomberg's Business Week. “We have to defend what we achieved, and we will,” Welch said in an interview. “The bottom line is that there are millions of merchants throughout this country that are relieved that they are finally going to be treated fairly."
The report of Welch's interview comments was made at the end of a Bloomberg Business Week article highlighting the growing wave of regulator and legislator concern about the Durbin interchange controls, as witnessed in both House and Senate hearings on the same day as the article. Read it in entirety here.
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