On the recordJune 8, 2017
I would like to thank both gentlemen for their steadfast leadership on this issue. Basic economics tell us that when government fixes market prices, consumer welfare suffers. So it is not a surprise that researchers have found that the Durbin amendment resulted in a net loss of perhaps $25 billion for consumers. But in a larger sense, what we have is a legal dispute between two parties. This is an issue that belongs in the courts, not Congress, which is why we sought to repeal the Durbin amendment. I remain hopeful that Congress will correct this mistake, and I will work towards that goal in the future.
