You're watching...
Rep. Jason Chaffetz, (R-Utah), on efforts to eliminate the Durbin Amendment which caps fees banks can charge retailers for debit card use.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Joining me now Republican congressman Jason chief -- -- talk.
-- just energy is the consumer debit card protection act legislation.
To repeal the German -- Durbin amendment to Dodd-Frank.
When they get to that in a second congressman but I want to talk to you about these democratic congressman.
And what they're doing they want to bring the banks up in front of the Justice Department they think so there's an anti trust issue.
With these debit card -- apparently.
The bankers all get together in a room somewhere and set -- that's what they think.
Here's what one of them had to say we're all -- -- It's a fairness issue.
It's a consumer issue it is imperative that the US attorney look at this with urgency.
And look at it as a necessary step to restore consumer confidence and more importantly to assure.
To assure that there's fairness.
And competition in the marketplace.
Alright so congressman -- -- have a right.
Well I hope it's not just politically driven I find it somewhat ironic that.
Less than 24 hours after introduced my bill they're suddenly calling for -- Justice Department investigation -- if there's evidence of something like that of course the Justice Department should look at it.
But I worry that we continue to demonize the very people that are going to be critical to growing our economy.
And you're right we gotta get away from the political spend but we need the economy in the confidence to come and in the marketplace.
And I don't think the Durbin amendment it is -- fee is the way that's going to help our our economy.
Well let me congratulate you first of all of energy using a bill that is only four pages long.
The trees thank you.
But here's we are asking that we get rid of this Durbin amendment which essentially.
It's a post cost banks something like five billion dollars a year and is the reason behind.
Some of these fee increases that's what the banks say.
Now Jason secretly believe that I mean -- really think that things are gonna go down if you rip.
A way that urban -- Well look what they do is cut the fees basically in half we'll there's consequences to that.
And this is something I would argue that debit cards credit cards we're actually working in America just remember what back ten years ago you -- -- story to -- attack perhaps to use cash.
The world is is gravitated to debit cards and credit cards their safe.
They're convenient you put the risk in the onus collecting payment up on the banks and in that the credit unions or whatnot.
This is something it actually was working in America and so why are we going try to demonize and and then changing -- these new fees and new regulations.
It was actually something in this country that was working.
Well you know I'm looking at the some of the bank results that earnings this week.
And that JPMorgan Chase is out they say that there earnings are what they should have been but when you drill down what you find out is that this company was making a billion dollars a month.
Isn't that enough.
Well when the president said that He didn't believe the Bank of America had an inherent right to a profit I mean I'm paraphrasing here.
That's should scare a lot of people these are for profit companies they got good employees that are working for a one -- that invest in these things.
These two are Americans who work hard they provided a great product that the country loves and uses.
That's why the country is using debit cards every chance that they can get because they work -- safe and secure there's there's a host of reasons why they do work.
Well I course they should make a profit this is the United States of America companies should make a profit that's not an evil word.
Robertson and evil word and let me tell you debit card was the most popular banking product probably the last twenty years.
So -- you know they're they're killing this by raising the fees on it I've heard that.
There's an expectation that Bank of America for example could lose as many as a million customers that's what the analysts the experts say.
But they have trillions of accounts so at the end of the day you know it's not that important to them with a few people walk away.
Look I wanna -- right they are.
Hello I'm Gerry I'd I would disagree with that at.
Look they -- fight for their name their reputation to I'm not here -- protect just Bank of America I'm just saying this affects credit unions affects banks.
Small community banks is not just the big boys out there it's it's everyone and so.
This is something it's working in this country don't we talk about the need to inject credit and today to the economy these are micro loans that go out to people.
Michael hello this is your debit card you're taken the money out of your own account for goodness sakes this isn't a credit card.
You know -- look at the end of the day we all know -- debit card works and we want them.
Banks to work we want the banking system to work Americans need loans but at the end of the day with put a lot of money into these banks we've given them every excuse to be profitable they are profitable and now they're raising fees on us and I think you can understand why consumers.
We're just a little bit miffed.
Well they raise the fees on because they pass the Durbin amendment that I think it is rightly rightfully called the Durban feet.
There is a tremendous amount of make expense to -- safety and the security in the risk.
We hear about cyber security crimes happening all the time and yet when we walked up we place -- cart at the grocery store we've we swipe at.
We go to the -- -- We expected to work and it does but that costs a lot of money to put in there and I do think they have a right and inherent right to actually make a profit in doing -- offering -- services.
That's why the country is gravitated to it.
Well I guess the question is how much what I wouldn't talk to -- about the lender but we're running out of time let me ask you -- bit about your bill.
Really kind of a protest vote by you because this is -- already been put in place it's already past its already working.
Clearly it's -- working against people like at Bank of America customers.
Do you have any traction with this thing.
Now we have we entered its and have built a bipartisan way New York Democrat Bill Owens we introduced in a bipartisan way it's only in dates you but -- I -- I fully expect that.
That it's not just the message spelled a we actually passed this I think.
The country needs certainty the economy needs certainty consumers when they start to recognize what the Durbin amendment as actually doing to them at that it's the little -- that's gonna get our.
When they start to realize what this legislation -- does I think they're gonna cough for -- we have the build did a.
While can you please jagged mr.
Durbin to come on the show because we keep inviting him and He keeps on telling our adaptations the up up up.
Love to do it with our congressman.
