WHEN: TODAY, MONDAY, MARCH 28TH
WHERE: CNBC'S "SQUAWK BOX"
Following are excerpts from the unofficial transcript of Senator Richard Durbin on CNBC's "Squawk Box" today. Following is a link to the full interview on CNBC.com: http://www.cnbc.com/id/15840232?video=3000012928&play=1.
All references must be sourced to CNBC.
DURBIN ON HANDOUTS:
"THE BANKING INDUSTRY AND CREDIT CARD COMPANIES HAVE SO MUCH MONEY ON THE TABLE, WHEN IT COMES TO THESE INTERCHANGE FEES, THAT THEY ARE CHARGING MERCHANTS AND CONSUMERS ACROSS AMERICA, IT COMES TO $1.3 BILLION DOLLARS A YEAR. DELAYING THIS FOR 2 YEARS IS LITERALLY A $30 BILLION DOLLAR HANDOUT TO THE BIGGEST BANK AND CREDIT CARD COMPANIES AT THE EXPENSE OF MERCHANTS AND CONSUMERS."
DURBIN ON MONOPOLIZING:
"WE SHOULD AT LEAST LET THEM COME FORWARD WITH A RULE BASED ON THIS LAW THAT GIVES MERCHANTS AND CONSUMERS SOME COMPETITION, SOME ESTABLISHMENT OF A REASONABLE FEE AND SOME TRANSPARENCY IN A PROCESS WHICH HAS SEEN TOO MUCH MONOPOLY LIKE EFFORT."
DURBIN ON CREDIT CARD COMPANIES:
"THERE IS ABSOLUTELY NO CHOICE FOR A MERCHANT ACROSS AMERICA BUT TO ACCEPT VISA AND MASTERCARD IF THEY ARE GOING TO BE IN BUSINESS WHETHER IT IS A CONVENIENCE STORE OR A BIG BOX AND THE FACT IS THIS .44 CENTS WAS IMPOSED BY THE CREDIT CARD COMPANIES THROUGH THE BANKS ON THESE MERCHANTS SO WHEN YOU SAY YOU ARE AGAINST PRICE FIXING HOW DO YOU DEFEND THAT?."
DURBIN ON OVERSEAS OPERATIONS:
HOW DO VISA AND MASTERCARD OPERATE IN CANADA WITH DEBIT CARDS AND NO INTERCHANGE FEE? HOW DO THEY OPERATE IN EUROPE WITH DEBIT CARDS AND DRAMATICALLY LOWER INTERCHANGE FEES THAN IN THE UNITED STATES? THEY DO IT BECAUSE THE GOVERNMENTS IN THOSE ENTITIES, THE EUROPEAN UNION AND CANADA SAID WE ARE NOT GOING TO LET YOU GOUGE THESE MERCHANTS AND CONSUMERS."
DURBIN ON THE FEDERAL RESERVE:
"THE BANKING AND CREDIT CARD COMPANIES HAVE SAID WE DON'T EVEN WANT THE FEDERAL RESERVE TO REPORT ITS RULE, WE WANT TO STOP THEM BEFORE THEY DO THAT. THAT IS PREMATURE LETS GET THE RULE OUT LETS TAKE A CLOSE LOOK AT IT, I BELIEVE THE PEOPLE WILL FIND OUT THAT IT IS A REASONABLE APPROACH TO REDUCE COST AND END THIS IMPOSITION FEES ON A LOT OF MERCHANTS AND CONSUMERS."
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