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Senate Proceeding 06-07-11 on Jun 7th, 2011 :: 0:45:55 to 0:54:40
Total video length: 3 hours 39 minutes Stream Tools: Stream Overview | Edit Time

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Bob Corker

0:45:51 to 0:46:11( Edit History Discussion )

Bob Corker: the amendment. with that, i yield the floor. mr. corker: mr. president? the presiding officer: the senator f mr. corker: thank you, mr. president. i rise to speak favorably towards the tester-corker amendment of amendment. mr. durbin: i would ask my

Bob Corker

0:45:55 to 0:54:40( Edit History Discussion )
Speech By: Bob Corker

Bob Corker

0:46:12 to 0:46:33( Edit History Discussion )

Bob Corker: colleague how long he might be speaking in. mr. corker: eight to ten minutes. mr. durbin: thank you. mr. corker: thank you. i do want to say that my friend from montana has been a great partner in this effort. i knee lots of times people use a lot of rhetoric down here to talk about what's happening and the fact that anyone who might be proposing this type of amendment might be supporting wall street institutions, but i

Bob Corker

0:46:34 to 0:46:55( Edit History Discussion )

Bob Corker: think you can see that my friend from montana is anything but wall street and certainly i think all of us are just trying to come up with a solution that makes sense. and i just want to give just a brief history. dodd-frank came to the floor last year. there were a number of amendments to the bill. one of the amendments that i come to the floor was called the durbin amendment of.

Bob Corker

0:46:56 to 0:47:16( Edit History Discussion )

Bob Corker: it was an theament had had no -- it was an amendment that had had no hearings. and a lot of us -- people like myself, people who are opposed to price-fixing, what the durbin amendment assist said was that the fed was going to set price fixes. a number of us are opposed to it. a number of people in this

Bob Corker

0:47:17 to 0:47:37( Edit History Discussion )

Bob Corker: chamber supported durbin because they were frustrated with where retailers were and their inability to negotiate prices with visa and some of the other companies and they thought this might be a solution to the dilemma of not being able to have appropriate negotiations. i think what all have understood

Bob Corker

0:47:38 to 0:47:58( Edit History Discussion )

Bob Corker: is that the durbin amendment didn't actually give the fed the ability to set prices as it relates to cost on debit cards. it only allowed certain costs. in other words, the incremental cost of a transaction. and i think the retailers that i know are very strongly supportive of the durbin

Bob Corker

0:47:59 to 0:48:20( Edit History Discussion )

Bob Corker: language know, tell me in this private, they know that they couldn't operate themselves under that same scenario. but they're frustrated. what tester and i and others, crapo who voted for durbin, kay hagan who voted for durbin, senator bennet from colorado who

Bob Corker

0:48:21 to 0:48:42( Edit History Discussion )

Bob Corker: voted for durbin, what people have realized is that the durbin amendment is way too narrow and doesn't allow appropriate costs to be considered when rates. so my friend who has a number of rural institutions, we all realize that this is going to be highly detrimental to the financial system. and so what we've tried to do is come up with a compromise that

Bob Corker

0:48:43 to 0:49:03( Edit History Discussion )

Bob Corker: works for sides. and i mentioned, senator crapo, senator brown, senator carper, a number of people have gotten involved in this and come up wp a one-vote strategy. i know numbers of people want to vote and get this behind thevment i understand that this is one of those issues where we got retailers on one side, you got bankers on the other side

Bob Corker

0:49:04 to 0:49:25( Edit History Discussion )

Bob Corker: and you feel like in some way you're trying to deal, you know, you're trying to pick between friends. what i think we're trying to do just put a good, sound policy in place, a place that the retailers should be very happy because they're going to end up with a regulated market, something candidly that i don't support. but i think the senator from illinois has been very

Bob Corker

0:49:26 to 0:49:48( Edit History Discussion )

Bob Corker: successful in that front and basicallytailers win on this because they're going to end up with something that's regulated. they don't feel like they have the ability to negotiate with visa and other companies. on the other hand, those senators, most senators in this body that understand economics, understand business, also know

Bob Corker

0:49:49 to 0:50:13( Edit History Discussion )

Bob Corker: that you cannot run a business you're only going to charge the increment at costs. it would be like a pizza parlor selling pizza literally and only being able to charge for the dough that it takes to make the pizza, not to be able to charge for electricity, not to be able to charge for the other things that it takes particular place. so i think we've come up with

Bob Corker

0:50:14 to 0:50:34( Edit History Discussion )

Bob Corker: something that is a good middle-of-the-road solution. the fed is directed to consider both fixed cost and incrementality cost, something that any retailer or any business in america would want to be considered if they're being regulatorred. and so we've come up with a play -- we've also come up with a solution that allows the fed to look back every two years and

Bob Corker

0:50:35 to 0:50:56( Edit History Discussion )

Bob Corker: make sure that those smaller institutions that senator tester is so concerned about and i'm so concerned about, that the fed looks at those and ensures that every two years these policies that are being put in place don't disproportionately negatively affect those institutions. if so, they recommend -- they don't prescribe -- they recommend to congress possible

Bob Corker

0:50:57 to 0:51:17( Edit History Discussion )

Bob Corker: legislative recommen remedies. as the senator suggested, i think we should measure twice, cut once. i'm feeling momentum building around this. i will say that the senator from illinois is an outstanding legislator. i think he's done a very good

Bob Corker

0:51:18 to 0:51:39( Edit History Discussion )

Bob Corker: job championing this issue. i don't think we'd be where we are on this issue without the efforts that he has put forth. but i think he realizes possibly that, you know, by not keeping in place all costs as it relates to the transaction, what you're really doing is limiting the availability of that to the public down the road. you can limit innovation.

Bob Corker

0:51:40 to 0:52:00( Edit History Discussion )

Bob Corker: you limit the amount of technology investment that goes towards these transactions. i hope very soon to be paying my bills by just swiping, you know, my electronic device in front of a cash register. i think we yo all see us moving towards this. what the durbin amendment in the form that's it's in now is basically say to these

Bob Corker

0:52:01 to 0:52:21( Edit History Discussion )

Bob Corker: institutions, bh you conduct these types of transactions, debit transactions, you're going to lose money every time do you it. i don't think that's where we want to be. so i again -- again, there are going to be some unintended consequences. whenever there is a bill the size of dodd-frank that passes, surely, all of us can come

Bob Corker

0:52:22 to 0:52:43( Edit History Discussion )

Bob Corker: together and figure out more commonsense ways of solving problems like this when they arise. i would have to say that i really like the way this body is functioning ardz this isfunctioning around this issue. we have people on both sides of the aisle that have realized that this policy is one that's detrimental. we have people on both sides

Bob Corker

0:52:44 to 0:53:04( Edit History Discussion )

Bob Corker: that have tried to work together. we've got three iterations of corker-tester that's trying take into concern t account the concern of retailers and small banks around this country that are going to be devastated, as all the regulators have said -- this is unusual, by the way. we talk about regulatory

Bob Corker

0:53:05 to 0:53:26( Edit History Discussion )

Bob Corker: overreach in this body. this is case where we've given the regulators the ability to regulate and they're saying, please don't make us do this. this is really bad policy. that rarely happens in washington. but it's happened on this case. so i don't think of respect for the tremendous amount of work

Bob Corker

0:53:27 to 0:53:47( Edit History Discussion )

Bob Corker: that so many people have come into coming up with a slightly better solution than the senator from illinois, who worked so hard on this issue put forth originally, i would just ask every member to please - sit down for 10 minutes and allow your

Bob Corker

0:53:48 to 0:54:08( Edit History Discussion )

Bob Corker: staff to at least explain -- i know a lot of people have made commitments ten days ago, a week ago to be on the other side of this. but i think most people haven't seen the last iteration that puts this in the middle of the road, that keeps debit coast cards regulated but gives the regulators the ability to

Bob Corker

0:54:09 to 0:54:29( Edit History Discussion )

Bob Corker: consider the cost that any normal business has when it functions. so with that, mr. president, i thank you for the time to talk about it. i thank the senator from illinois, who looks like he's getting ready to speefnlgt i thank him for the way that he's conducted himself. as a matter of fact, i think we've come up with such a great solution, i would hope that the senator from illinois would

Bob Corker

0:54:30 to 0:54:41( Edit History Discussion )

Bob Corker: consider being a cosponsor. with that, i yield the floor. mr. durbin: mr. president? the presiding officer: the senator from illinois. mr. durbin: to my friend from tennessee, not a chance.

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