Ted Budd: “I draw a distinction between political costs and real costs. In no city in the country are the political costs treated…”

“I draw a distinction between political costs and real costs. In no city in the country are the political costs treated as more real than Washington. But the truth is that for the other 99 percent of the country, the real costs are what count. {time} 1430 The real costs of the Durbin amendment have been amply documented. Community banks have seen interchange revenue fall 20 percent. The low- income consumer has seen his checking fees double. The small-ticket merchant has seen his interchange cost increase. For those of us who campaigned on a platform of free markets and limited government, which is most of our party, I suggest that a principle that is followed only when it costs nothing is not much of a principle at all. The principle that government shouldn't be setting prices, ended up having a political price of its own. And for some, that was the only reality of this debate. I only wish that I could say the same for the 1 million people the Durbin amendment has driven out of the banking system. Mr. Chair, I yield to the gentleman from Missouri (Mr. Luetkemeyer).”