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Senate Proceeding on Jun 8th, 2011 :: 3:59:30 to 4:03:50
Total video length: 8 hours 50 minutes Stream Tools: Stream Overview | Edit Time

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Jon Tester

3:59:23 to 3:59:44( Edit History Discussion )

Jon Tester: it may not sound like it today but we are. we just happen to disagree on this particular piece of policy. there is one premise that i think, mr. president, that is being taken as a given that is not a given at all, and it was in the original durbin amendment, and it said we were going to exempt banks of of $10 billion and less and

Jon Tester

3:59:30 to 4:03:50( Edit History Discussion )
Speech By: Jon Tester

Jon Tester

3:59:45 to 4:00:05( Edit History Discussion )

Jon Tester: credit unions of $10 billion and less. so we're going to do that. a lot of folks voted for this amendment because they knew the small banks couldn't distribute their costs and it could have undue harmful effects on the small banks, small credit unions and community banks. but the facts have borne out different since in the last year. and they haven't been borne out

Jon Tester

4:00:06 to 4:00:26( Edit History Discussion )

Jon Tester: by stuff that i've made up. it comes from the regulators themselves. and i have avenue said many times on this floor that every regulator i have talked to, state or federal, have said, the exemption for small banks and credit unions won't work. it won't work. we voted on something a year ago that we thought we had, and it

Jon Tester

4:00:27 to 4:00:48( Edit History Discussion )

Jon Tester: doesn't work. let me read you the quotes. fed chairman ben bernanke, still not sure whether it will work. the market forces that would work against this exemption. said it may 12 of this year. another quote by chairman bernanke. "it's going to affect the revenues of small issuers and

Jon Tester

4:00:49 to 4:01:09( Edit History Discussion )

Jon Tester: could result in some of the smaller banks being less profitable or even failing." once again at a banking hearing. by fdic chairwoman b amendment of r. "i do think this is going to reduce the revenues." let me say it again. "i do think this is going reduce the revenues at a number of

Jon Tester

4:01:10 to 4:01:30( Edit History Discussion )

Jon Tester: smaller banks and they will have to pass it on to the customers in ties's terms of higher fees." chase that mean? checking, time to get a loan, all of that stuff. money doesn't grow out of the air. you've got to make it up somewhere. another quote from ben bernanke. and it is about the two-tiered

Jon Tester

4:01:31 to 4:01:52( Edit History Discussion )

Jon Tester: system that is unlikely to be maintained to protect small institutions. "a number of networks have expressed their interest or willingness to maintain a teeferred interchange fee system. but of course it is not required." chairwoman b amendment of r again. "if the federal reserve's view that there's no legal authority

Jon Tester

4:01:53 to 4:02:14( Edit History Discussion )

Jon Tester: to require that, it does become more problematic. the fact that the two-tiered system is not going to work. every regulator said it is not going to work. its impact is going to be small community banks. not the wall street boys. they're fine. we agree on that. but the community banks and credit unions are going to have incredible impacts on our small businesses that we're trigg to help get us out of this

Jon Tester

4:02:15 to 4:02:35( Edit History Discussion )

Jon Tester: recession that we're in. this is into the bailout. this will ensure a regulated debit card interchange system and by the way, yot i don't believe in bailouts. i voted against the tarp bailouts, voted against the auto industry bailout. i wouldn't be supporting this if it were bailout. i wouldn't be offering t wall

Jon Tester

4:02:36 to 4:02:58( Edit History Discussion )

Jon Tester: street banks are going to be just fine. they're going to be just fine regardless of what happens. the fact is that the exemption for banks under $10 million will not work. that's why i'm here. it's as simple as that. i want to close for now with a

Jon Tester

4:02:59 to 4:03:20( Edit History Discussion )

Jon Tester: statement made by the frank in dodd-frank, who this bill is named off. barney frank, who worked with chris dodd to craft this bill in the house and the senate, here's what barney frank says. it today the 8th, by the way? he said it today, the 8th of june.

Jon Tester

4:03:21 to 4:03:42( Edit History Discussion )

Jon Tester: i quote -- and he's speak of the tester-corker-hagan-crapo-bennet amendment, this amendment of i quote. "this is a good, balanced, compromised approach. i support it, and i hope it will pass." the author of this bill from the house thinks this is a good policy change to make dodd-frank

Jon Tester

4:03:43 to 4:03:51( Edit History Discussion )

Jon Tester: better. i yield the floor, mr. president.

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