Political Quotes

“Mr. President, I want to express my support for the amendment by Senator Tester. Last year when Congress passed the debit interchange fee provision, I opposed the measure. I was not convinced that the provision would work for small banks and credit unions, and I was not convinced that the benefits would be passed on to consumers. My thinking has not changed. Throughout this debate many studies have been cited, but none of those studies looked at the questions we have before us today--will a two-tier system work for small banks, credit unions, retailers and consumers, and what will the impact be on debit card users? I remain concerned about the debit interchange provision. As I suspected last year, finding a workable solution is not easily or quickly accomplished. As the Fed has worked on this issue and released its rule for public comment, it has become clear that there are many concerns about the rule's impact on consumers, small banks and credit unions. Chairman Bernanke and other regulators have voiced these concerns several times in recent months at hearings before the Banking Committee, which I chair. While there may be a need for debit interchange reform, it should be done right. This amendment by Senator Tester will give the Fed and other agencies more time to study this issue to find a workable solution, especially the small bank exemption that is intended to allow the community banks and credit unions to continue to serve consumers all across America.…”