The world works off of incentives. If I was the credit card company and you wouldn't allow me to recoup my fraud prevention cost, and you would allow me to recoup my fraud cost, I guess I would allow fraud in the system. My guess is that it would not be good for our economy.
Hensarling discusses the economic implications of fraud prevention costs.
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Congress needs to do its job. You need to write legislation with more specificity.
If we ignore that basic fact, we are willfully disregarding history, and we are bound to repeat history.
Thank you, Ms. Grimes, for your testimony. We know it is not always easy to be in this chair and discuss these types of charges.
So if that is permitted right now then I am going to raise my hand at the board meeting when the senior vice president for credit administration comes in with this big gobbledygook proposal and says, 'Hey, I like it. That is fascinating…
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