What Congress is Saying About the Debit Card Rule

“If there’s one thing that I hope you will take from this hearing this morning, it is that a delay in the implementation of this rule is definitely in order. Several of my colleagues have asked would that be a benefit to you and the Fed. I’d like to rephrase that question. It’s not the question of whether the delay would benefit you, the question is would it benefit the American people and the institutions, the financial institutions, the merchants, the people who are on the ground would have to make this work. And the answer is yes.”

— Representative David Scott (D-GA)

 

I wish we would have the time before we pass the bill to have this kind of an intensive kind of debate and conversation and it might have cleared it up and – because, ultimately, what we’re concerned about are the consumers and all of you…We want to make sure that they get the benefit.”

— Representative Gregory Meeks (D-NY)

 

“I haven’t been able to see how we assure that the ultimate beneficiary that we were advocating for, that we all should be advocating for, consumers, really get the benefit of this.”

—Representative Mel Watt (D-NC)

 

In relation to the comment period, some organizations, some constituents have suggested that the process was not as thorough as it should be, that the Federal Reserve should have had more time to study the issue and to survey a wider set of financial institutions and retail establishments.”

–Representative Carolyn Maloney (D-NY)

 

It would seem to me that there’s going to be undue harm done to smaller banks when the retailer looks at this and says, ‘You know what? I’m going with the smallest interchange possible, because it’s going to help my bottom line.’”

Senator Jon Tester (D-MT)

 

“[T]he fairness of [Congress] price-setting at some rate only as a transmission cost, seems to me to be incredibly in error. We also are going to be forcing people into credit cards over time…It just seems like to me [that] the whole issue is very perverse in something that was very short-sighted on our part, sort of a populace move.”

Senator Bob Corker (R-TN)

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