Mr. Speaker, in this economic meltdown, Canadians need more than just an information campaign. They need protection.
If rising interest rates were not enough, Visa and MasterCard have announced plans to enter the debit market. As a result, Interac has applied to the Competition Bureau to alter its structure from a not-for-profit to a for-profit operation. Retailers are rightly worried that the current low transaction charges of 3¢ to 7¢ will quickly skyrocket.
When will the government put the interests of small business retailers and Canadian consumers ahead of credit card companies?