Jon Tester: “over the last month, Senator Corker and I have worked with several Senators who are concerned about the unintended…”

“over the last month, Senator Corker and I have worked with several Senators who are concerned about the unintended consequences of the debit interchange amendment the Senate adopted last year. We voted against that amendment. We were concerned about the impact of those consequences on folks--especially across rural America--who rely on their small local banks and credit unions. The Federal Reserve's rules based on this amendment are about to go into effect, and the result is going to be bad for small banks and credit unions and ultimately for the whole country but especially rural America. Even Chairman Bernanke admits that the rule could ``result in some smaller banks being less profitable or even failing.'' I am proud to be joined in this effort by Senators Crapo, Bennet, Hagan, and several others--all folks who share my concern about the impact of debit interchange fees on our local banks. Senator Corker and I began with a concern that local community banks and credit unions would end up being subject to the same one-size-fits- all regulation designed to address the excesses of some of the world's largest financial institutions. As I have said over and over, those big Wall Street banks are going to be just fine. They have plenty of sources for their revenue. No one needs to shed a tear for them. But the Main Street banks and credit unions will not be OK if these rules are implemented. Let me give you one example.…”