Political Quotes

“Thank you, Mr. President. I haven't had a reply yet from Mr. Dimon. He called me. I called him back. That seems to be the end of our exchange. But I would like to hear his response. I encourage him to share my letter with the same shareholders and customers to whom he has written. After all, in his shareholder letter, Mr. Dimon said he wanted ``analysis in the full light of day'' of the Durbin amendment, so I figured he would want his audience to be informed on my position. I don't think Chase has done that yet. I hope they will. I know the banking industry prefers for the giant Wall Street banks to stay in the background when it comes to this fight because they are not that popular. Estimates indicate that about half of all debit swipe fees go to just 10 big banks and the Big Three, Bank of America, Chase, and Wells Fargo, make the most of all, well over $1 billion a year each. But the banking industry knows the public isn't happy with big banks, so the industry is using small banks and credit unions as their public face in this battle. Industry argues that even though my amendment exempts all but the largest 1 percent of banks from fee regulation, the exemption will not work and small banks are going to get hurt. Well, this letter makes it clear that when it comes to retailers and merchants, there will not be any pain inflicted. They are, in fact, exempt under the law and they will be exempt in practice.…”