Mr. Speaker, the Canadian Federation of Independent Business fears big banks will move merchant fees for credit card transactions to an unfair percentage system. This means that independent businesses could be looking at increases on fees of up to 10,000%, much of which will get passed on to the consumer.
Another hike on interest for credit cardholders and new fees for small business all add up to the lowest consumer confidence in 20 years.
When will the government recognize it has a responsibility during tough economic times to protect consumers not just banks?