It seems like we have some bargaining power under most circumstances here to make sure that taxpayers get a break.

I am going to run off to vote and then return and hold this subcommittee in recess for approximately 20 minutes.

The Durbin Amendment means that the credit card companies will be subject to a little of the same competition that we are subject to.

Well, we all are very proud of our free market economy, but at the heart of it, there is competition.

So, Mr. Sullivan, you heard the testimony from the Department of the Treasury and now from Ms. Chronister. There is no negotiation going on.

Can we distinguish that point, Mr. Sullivan?

Opening Statement of Senator Richard J. Durbin

Our research says that Visa has 122 different interchange fee arrangements.

I would say to him it works pretty well in Europe and it is not working very well here for our businesses and for our Federal Government.

The legislation proposed by Senator Durbin puts us in the position to offer our customers the choice to use a payment type that provides them and Amtrak with the best combination of service and cost.

All consumers pay more at the store and more at the pump because of unfair, nonnegotiable, nontransparent merchant interchange fees imposed by the card networks.

Sunlight is the best disinfectant, electric light the best policeman.

So what chance do the Qik-n-EZ convenience stores in central Illinois have if $8 billion does not get you to the table with Visa and MasterCard?

I do not think that MasterCard and Visa and member banks should just give us credit cards or allow us to accept them for free.

Now they are moving cash to debit, and it is clearly a substitute for checks.

I fully support the Durbin Amendment in the financial reform bill passed by the Senate because this is legislation that truly is for the consumer.

So is there any other part of your store, other than this dealing with the credit cards, where you face this dearth of competition?

If there are any questions that are going to be sent to the witnesses, I hope they will respond in a timely fashion.

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