Issue Position: Restoring the Middle Class

Issue Position

"Even before the current economic crisis, hardworking Vermonters were feeling the squeeze of low wages and ever-increasing costs. The United States has a long history of supporting the middle class, but we must recommit to ensuring that those who work hard to make a living have the resources they need to support their families, get ahead and save for a secure retirement. With every issue I face in Congress -- from health care to education to energy -- I am focused on increasing affordability and expanding the middle class."

Rep. Welch has worked to protect middle class consumers from abusive credit card company practices by sponsoring a Credit Cardholders' Bill of Rights (H.R. 5244), which first passed the House in September 2009. Welch attempted to strengthen the legislation in April 2009 by proposing an 18 percent cap on credit card interest rates. The bill -- which protects consumers from arbitrary rate increases, double-cycle billing and due-date gimmicks -- was signed into law by President Obama in May 2009.

Source