Bessent Agrees to Work with Welch on Credit Card Swipe Fees

WASHINGTON, D.C. – In his first Senate Finance Committee hearing today, Senator Peter Welch (D-Vt.) questioned Scott Bessent, President-elect Donald Trump’s nominee to be the Secretary of the United States Treasury Department, about the affordability crisis and the need for the incoming administration to work with Democrats to extend tax credits to help all Americans access affordable health care, child care, and housing. Senator Welch also pushed Bessent to support small businesses and consumers by avoiding protectionist trade policies and asked for his commitment to take on high credit card swipe fees. 

Watch the exchange between Senator Welch and Scott Bessent, President-elect Trump’s pick to be Treasury Secretary: 

Read selections of the exchange below: 

Senator Welch asked Treasury Secretary Nominee Bessent: “The situation for a lot of Vermonters, who work incredibly hard, is very tough. Vermont actually has one of the widest, if not the widest gap, between what people can earn and what their expenses are. So, it’s tough at the end of the month to pay all the bills: the grocery bills, the health care bills, all of these things…My hope is that whatever tax policy we have is going to start with a commitment to making lives better for the Main Street folks that you mentioned, and I’m glad that you did.  

“But there is going to be a lot of negotiation on how to pay for these tax cuts, and one of the things that’ll be on the block is something that’s very, very important for Vermonters, and that’s the Affordable Care Act Tax Credits that we have now. So, in Vermont, health care is incredibly expensive for everybody. But if we have, just as an example: an electrician in Bennington, Vermont, who’s making $67,000 a year, with the tax credits that are set to expire, that family would have a $700 a month increase in their health care bill. That’s going to hammer them, like $9,000. So, my question to you is, in putting together this tax proposal—where you are going to have to be making recommendations about how to pay for it—will we continue to provide this help to Vermonters—like this electrician in Bennington—so he doesn’t get hammered on health care premiums going well beyond what he can afford?” 

Scott Bessent, Treasury Secretary Nominee replied: “Senator, as we discussed in your office, I haven’t had time to do my homework on this…I will get up to speed—if confirmed, I will get up to this.” 

Sen. Welch continued: “I appreciate that, but there’s a couple of things that really make a difference for working Americans in South Carolina and in Vermont. The Child Tax Credit, you know, when we had that it reduced poverty for children by 50%. That’s really elemental for hardworking families.  

“Second, on the tariffs…I’m concerned about the impact of tariffs on Canada, and what that does to us in Vermont. Our major business export partner is Canada, and from what we have seen, it would raise a cost to businesses, probably cost jobs, and cost to consumers. So, what reassurance can we get from the Trump Administration that there’s going to be a ‘do no harm’ policy to American consumers and Vermont workers and small businesses with the tariff policy?” 

Mr. Bessent: “Senator, very difficult for me to isolate Vermont especially. But in terms of working Americans, I believe that President Trump understands that it’s working America—he had a very unique coalition. I think he understands that it’s the affordability crisis.” 

Sen. Welch: “I hope the policy will reflect that. So, I appreciate the opportunity to work together with you on that. Just the last thing—we were talking about credit card rates for consumers. Credit card fees for our small businesses are the highest in the whole world—the highest in the whole world. Why can’t we bring them down and pay what Europe pays? Our small businesses, it’s the second or third highest expense for them. And you’ll have some impact there. But those costs on our small businesses…I’d like to get them down and get your help in doing that.” 

Mr. Bessent: “I look forward to working with you on this issue if confirmed.”  

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