Republican floor colloquy on small banks, Financial CHOICE Act

North Carolina Congressman Ted Budd draws a distinction between political costs and real costs such as under the Durbin amendment debit card transaction fees under which Community Banks have seen interchange revenue fall 20 percent, suggesting that a principle is followed only when it costs nothing is not much of a principal at all. Missouri Congressman Blaine Leutkemayer is the Durbin amendment heard some banks and credit unions and Congress should not be in the business of price fixing, price controls will never work and always have negative consequences. House financial services Committee Chairman Jeb Hensarling is when government fixes market prices, consumer welfare suffers, it is no surprise that the Durbin amendment resulted in a net loss of perhaps $25 billion for consumers, an issue that belongs in courts not Congress, hopeful Congress will correct the mistake.