Political Quotes

“Mr. President, I rise today in opposition to Senator Tester's amendment on debit card swipe fees. Like many of my colleagues, I have received countless letters on this issue, from consumers, financial institutions, retailers, labor unions, and other interested parties. As a Member of the Senate, I take very seriously our duty to ensure that the Nation's financial system functions fairly. I am deeply concerned about protecting consumers and small banks from financial harm. This is a tough economy. I know that. I will do everything I can to make sure they are protected. But my position on this issue has been unchanged from the beginning. The Federal Reserve issued a proposed rule last December, and is in the process of considering over 11,000 comments submitted on that rule. Chairman Bernanke has said those comments have been informative, and the Federal Reserve will soon issue a final rule that should take into account concerns some have raised. My position for a long time has been that we should not jump in the middle of that process. We should wait to see what the professionals at the Federal Reserve come out with, and then evaluate whether or not the final rule is fair and equitable for merchants, banks, and especially consumers. It would be bad precedent for Congress to start cutting off that process in the middle. We don't want to go down that road. The Federal Reserve is devoting substantial resources to this issue and are giving the comments careful consideration.…”