Once again the NDP is taking action to stop credit card companies from gouging small businesses and their customers.
“Two large multinationals control 92 per cent of Canadian credit card transactions and they’re using their monopoly to demand exorbitant fees from small businesses,” said NDP Small Business critic Glenn Thibeault (Sudbury). “We are proposing practical ways to put a halt to these anti-competitive practices.”
The NDP proposals include:
- requesting that an independent body recommend measures to end anti-competitive practices;
- making the voluntary credit card code mandatory; and
- tightening credit code of conduct rules for premium credit cards.
Conservatives claim to be interested in consumer issues, but then failed to take the opportunity of the Throne Speech to address the real problems facing Canadian consumers. Many other countries have already moved forward on measures to regulate credit card fees charged to merchants.
“The Conservatives, like the Liberals before them, are creating policies that will lead to even more inequality,” said NDP deputy Small Business critic Annick Papillon (Québec). “New Democrats are proposing real solutions that will give small businesses and consumers a break.”