Political Quotes

“Now, Kahr is no mouthpiece for merchants. He is a financial consultant who is recognized as the creator of many aspects of the modern card industry. But he says what I have been saying for months--that the arguments small banks have been making against my amendment defy economic logic and common sense. I also believe interchange reform is essential for consumers. Banks will tell you consumers will be hurt by reform because banks will have to raise consumer fees to make up for lost revenue. First, when did we start listening to banks and credit card companies to tell us what is good for consumers? Second, read the headlines for the past few years and you will see that banks were already raising consumer fees to record highs in 2008, 2009, and 2010--before my amendment became law. They are always looking for ways to raise fees on consumers as high as the market will allow. Third, consumers are already paying for the current interchange system. Soaring interchange fees are passed on to consumers in the form of higher prices for gasoline and groceries. And the current system particularly hurts unbanked consumers who pay with cash. I believe consumers benefit from transparency, competition, and choice. The current interchange system has been designed specifically to avoid these features. That is why consumer groups agree with me and support the interchange reform which we have on the books. I know the financial industry lobbyists are out there now storming the Halls of Congress.…”