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VOTE:
ARE
THERE ANY SENATORS WISHING TO
VOTE OR CHANGE THEIR VOTE?
IF NOT, ON THIS NOMINATION THE
AYES ARE 72.
THE NAYS ARE 16.
THE NOMINATION IS CONFIRMED.
UNDER THE PREVIOUS ORDER, THE
PRESIDENT SHALL BE IMMEDIATELY
NOTIFIED OF THE SENATE'S ACTION
LEGISLATIVE.
MR. PRESIDENT?
THE
MAJORITY LEADER.
I MOVE TO PROCEED TO
CALENDAR 38, S. 782.
OBJECTION.
THE CLERK WILL REPORT.
CLOTURE MOTION,
PROCEED TO CALENDAR 38, S. 78 2,
A BILL TO AMEND THE PUBLIC WORKS
AND ECONOMIC DEVELOPMENT ACT OF
1965, TO REAUTHORIZE THAT ACT,
AND FOR OTHER PURPOSES.
I HAVE A CLOTURE
MOTION AND ASK THAT IT BE
REPORTED.
THE
CLERK WILL REPORT.
CLOTURE MOTION.
WE THE UNDERSIGNED SENATORS IN
ACCORDANCE WITH THE PROVISIONS
OF RULE 22 OF THE STANDING RULES
OF THE SENATE HEREBY MOVE TO
BRING TO A CLOSE DEBATE ON THE
MOTION TO PROCEED TO CALENDAR
NUMBER 38, S. 782, A BILL TO
AMEND THE PUBLIC WORKS AND
ECONOMIC DEVELOPMENT ACT OF 1965
TO REAUTHORIZE THAT ACT AND FOR
OTHER PURPOSES, SIGNED BY 17
SENATORS AS FOLLOWS.
REID OF NEVADA, BOXER, CONRAD,
KERRY, WHITEHOUSE, KLOBUCHAR,
CARDIN, BINGE MINIMUM --
BINGAMAN, MERKLEY, MENENDEZ,
SHAHEEN, SANDERS, LAUTENBERG,
REED OF RHODE ISLAND, DURBIN,
MR. PRESIDENT, I ASK
UNANIMOUS CONSENT THE MANDATORY
QUORUM UNDER RULE 22 BE WAIVED.
OBJECTION.
MR. PRESIDENT, I ASK
UNANIMOUS CONSENT THAT WHEN THE
SENATE COMPLETES ITS BUSINESS
TODAY IT ADJOURN UNTIL
10:30 A.M. ON TUESDAY, JUNE 7.
FOLLOWING THE PRAYER AND PLEDGE
THE JOURNAL OF PROCEEDINGS BE
APPROVED TO DATE, THE MORNING
HOUR DEEMED EXPIRED, THE TIME
FOR THE TWO LEADERS BE RESERVED
FOR USE LATER IN THE DAY.
FOLLOWING LEADER REMARKS, SENATE
PROCEED TO A PERIOD OF MORNING
BUSINESS FOR UP TO ONE HOUR WITH
SENATORS PERMITTED TO SPEAK FOR
UP TO TEN MINUTES EACH WITH THE
CONTROLLED BETWEEN THE TWO
LEADERS OR THEIR DESIGNEES, WITH
THE REPUBLICANS CONTROLLING THE
FIRST HALF AND THE MAJORITY
CONTROLLING THE FINAL HALF.
FOLLOWING MORNING BUSINESS THE
SENATE RESUME CONSIDERATION OF
THE MOTION TO PROCEED TO S. 782,
THE ECONOMIC DEVELOPMENT ACT.
FURTHER THAT THE SENATE RECESS
FROM 12:30 P.M. UNTIL 2:15 P.M.
TO ALLOW FOR WEEKLY CAUCUS
OBJECTION.
MR. PRESIDENT,
TONIGHT I FILED CLOTURE ON THE
MOTION TO PROCEED TO S. 782, THE
ECONOMIC DEVELOPMENT ACT.
I HOPE THAT IT'S NOT NECESSARY
THAT WE VOTE TO INVOKE CLOTURE
ON THIS MATTER ON WEDNESDAY.
TOMORROW.
THAT CLOTURE VOTE, IF WE CAN'T
MOVE TO IT UNDER CONSENT, WE'LL
HAVE A VOTE MONDAY MORNING.
IF THERE IS NO FURTHER BUSINESS
TO COME BEFORE THE SENATE, I ASK
IT ADJOURN UNDER THE PREVIOUS
ORDER FOLLOWING THE REMARKS OF
SENATOR BROWN OF OHIO.
WITHOUT
OBJECTION.
OVER THE LAST
COUPLE OF WEEKS I'VE TRAVELED TO
SENIOR CENTERS FROM TOLEDO TO
YOUNGSTOWN TO COLUMBUS TO TALK
WITH SENIORS AND HEALTH
PROFESSIONALS ABOUT THE THREAT
FACING THEIR MEDICARE BENEFITS.
WE OWE IT, FIRST OF ALL, I'LL
START, MR. PRESIDENT, WITH WE
OWE IT TO OUR CHILDREN, WE OWE
IT TO OUR GRANDCHILDREN, WE OWE
IT TO SUCCEEDING GENERATIONS TO
REDUCE OUR DEFICIT.
WE KNOW A DECADE AGO, ALMOST A
EXACTLY A DECADE AGO WE HAD THE
LARGEST BUDGET SURPLUS IN THE
HISTORY OF OUR COUNTRY.
WE KNOW DURING THE NEXT EIGHT
YEARS AS CONGRESS AND PRESIDENT
BUSH CUT TAXES MOSTLY ON THE
KWRAOELGT IN 2001 AND -- WEALTHY
IN 2001 AND 2003, BEGAN TWO WARS
IN IRAQ AND AFGHANISTAN AND
DIDN'T PAY FOR THEM, DID A
PRESCRIPTION DRUG BENEFIT,
SUPPOSED BENEFIT THAT WAS IN
MANY WAYS A BAILOUT FOR DRUG AND
INSURANCE COMPANIES AND DIDN'T
PAY FOR IT AND DEREGULATED WALL
STREET DURING THOSE EIGHT YEARS
WE HAD THE LARGEST BUDGET
DEFICIT IN AMERICAN HISTORY.
FROM THE LARGEST BUDGET SURPLUS
IN AMERICAN HISTORY TO THE
LARGEST BUDGET DEFICIT IN
AMERICAN HISTORY.
WHAT WE SEE IN THE REPUBLICAN
BUDGET NOW AS WE TALK ABOUT
MEDICARE AND AS THEY TALK ABOUT
MEDICARE, ENDING MEDICARE AS WE
KNOW IT, TURNING MEDICARE OVER
TO THE INSURANCE COMPANIES, WHAT
WE'RE SEEING IS SORT OF THE SAME
OLD GAME, THE SAME OLD SONG FROM
PEOPLE WHO DON'T MUCH LIKE
MEDICARE.
THAT IS CUT TAXES ON THE WEALTHY
AGAIN AND PAY FOR THOSE TAX
CUTS -- GOT TO FIND A WAY TO PAY
FOR THEM I GUESS -- PAY FOR
THOSE TAX CUTS BY CUTTING
MEDICARE, CUTTING MEDICARE
BENEFITS SENIORS HAVE EARNED.
THAT'S WHAT'S TROUBLING TO ME
ABOUT THIS REPUBLICAN BUDGET.
TOO MANY AMERICANS ARE FACING A
MIDDLE-CLASS SQUEEZE, WORKING
HARD, PLAYING BY THE RULES,
FINDING IT STILL HARD TO GET
AHEAD IN THIS ECONOMY.
MANY PARENTS, MANY AMERICANS IN
THEIR 40 AND 50'S AND 60'S ARE
PART AFTER SANDWICH GENERATION.
THEY'RE HELPING OUT THEIR
PARENTS AS THEIR CAMEL COSTS GO
UP -- AS THEIR THEIR MEDICAL COSTS GO
UP AND THEIR PARENTS AREN'T
EARNING VERY MUCH AND THEY'RE
TRYING TO PAY FOR THEIR
CHILDREN'S COLLEGE.
THIS IS THE WRONG TIME, AS IF
THERE WOULD EVER BE A RIGHT TIME
TO TURN MEDICARE OVER TO THE
INSURANCE INDUSTRY.
THAT IS WHY SENATORS CARDIN FROM
MARYLAND, McCASKILL FROM
MISSOURI AND TESTER FROM MONTANA
WROTE A LETTER TO THE VICE
PRESIDENT CALLING FOR AN -- STOP
TO END MEDICARE AS WE KNOW IT.
REDUCED.
I WANT US TO SEE US ON A
LONG-TERM PLAN TO GET OUR BUDGET
DEFICIT UNDER CONTROL. THE WAY WE DID IN THE
1990'S AND TURN BUDGET PROBLEMS
INHERITED BY PRESIDENT CLINTON,
BEQUEATHED BY PRESIDENTS REAGAN
AND BUSH, INHERITED BY PRESIDENT
CLINTON OF HOW WE GOT FROM A
SURPLUS.
NOW, THE STATISTICS BEHIND THIS
ARE CLEAR.
THE NUMBER OF SENIORS LIFTED OUT
OF POVERTY IN THESE 45 YEARS.
THE NUMBER OF FAMILIES THAT HAVE
THE HELP TO CARE FOR A PARENT OR
WE SIMPLY CAN'T REVERSE THOSE
GAMES FOR THE ULTIMATE FORM OF
RATIONING HEALTH CARE FOR
SENIORS.
RATIONING HEALTH CARE.
WHEN YOU SHIFT THE COSTS, YOU
GIVE SENIOR CITIZENS A VOUCHER,
IS THE TERM THEY USE.
BASICALLY GIVE THEM AN $8,000
CHECK MORE OR LESS AND THAT
CHECK GOES TO INSURANCE
COMPANIES TO PAY FOR HEALTH
INSURANCE.
WHAT THAT RUNS SHORT, WHAT
HAPPENS?
IT LIKELY WILL FOR MANY SENIORS.
THEY PAY OUT OF POCKET.
THAT REALLY IS RATIONING.
IF YOU'RE NOT A FAIRLY WEALTHY
SENIOR AND YOU RUN OUT OF YOUR
MEDICARE, YOU RUN OUT OF THIS
PRIVATIZED MEDICARE VOUCHER,
YOU'RE REACHING UNDER YOUR
POCKETS, MR. PRESIDENT, AND
PAYING FOR IT.
THAT'S RATIONING BECAUSE MANY
SENIORS WON'T BE ABLE TO PAY FOR
WHEN I HEAR THIS TERM DEATH
PANELS AND RATIONING AND ALL
THESE THINGS THAT CONSERVATIVE
POLITICIANS USUALLY ENTHRALLED
IN THE INSURANCE INDUSTRY ARE
TELLING THIS CHAMBER, IN THE
SENATE AND DOWN THE HALL IN THE
HOUSE OF REPRESENTATIVES, I KNOW
WHAT REAL RATIONING IS.
REAL RATIONING IS WHEN SENIORS
CAN'T AFFORD TO PAY OUT OF
POCKET FOR THEIR HEALTH
INSURANCE COSTS BECAUSE OF WHAT
THIS REPUBLICAN BUDGET PLAN
THEIR PLAN CALLS FOR VOUCHERS
FOR PRIVATE HEALTH COVERAGE,
DOUBLE THEIR OUT-OF-POCKET COSTS
IN THE FIRST YEAR ALONE.
THE AVERAGE SENIOR WOULD RECEIVE
RECEIVE $8,000 VOUCHER.
HOWEVER, IN THAT FIRST YEAR OF
THE VOUCHER PROGRAM,
OUT-OF-POCKET EXPENSES WOULD,
ACCORDING TO THE CONGRESSIONAL
BUDGET OFFICE, NOT A DEMOCRATIC
GROUP, NOT A REPUBLICAN GROUP,
BUT DOWN THE MIDDLE GROUP, THE
CONGRESSIONAL BUDGET OFFICE SAID
SENIORS' OUT-OF-POCKET EXPENSES
WOULD DOUBLE TO MORE THAN
THAN $12,500 ANNUALLY.
AS I SAID, AT THE SAME TIME,
REPUBLICANS ARE GOING TO TAKE
THESE SAVINGS TO THE BUDGET, THE
CUTS TO SENIOR CARE THROUGH
MEDICARE, TAKE THOSE SAVINGS AND
FINANCE TAX CUTS TO THOSE PEOPLE
WHO EARN TEN TIMES OR MORE THE
AVERAGE RETIREMENT INCOME FOR A
MEDICARE RECIPIENT.
SENIORS WOULD SEE THE
PRESCRIPTION DRUG COSTS EXPLODE.
WE IN THE HEALTH CARE BILL CUT
THE COST OF PRESCRIPTION DRUGS
FOR THOSE SENIORS THAT ARE IN
THE -- IN THE COVERAGE GAP, THE
SO-CALLED DOUGHNUT HOLE, CUT
THEM IN HALF.
THAT WOULD GO AWAY.
IN OTHER WORDS, THE REPUBLICAN
BUDGET PLAN IN MY STATE, ACROSS
THE RIVER FROM THE PRESIDING
OFFICER'S STATE, WOULD HAND AN
AN $89 MILLION PRESCRIPTION DRUG
OHIO SENIORS.
SO TENS OF THOUSANDS OF OHIO
SENIORS, THOUSANDS OF WEST
VIRGINIA SENIORS, TENS OF
THOUSANDS OF SENIORS IN THE
ASSISTANT MAJORITY LEADER'S
STATE OF ILLINOIS WOULD BE
PAYING TENS OF MILLIONS OF
DOLLARS IN HIGHER DRUG COSTS AS
A RESULT OF THE REPUBLICAN
BUDGET BILL.
THE SENATE VOTED THAT BILL DOWN,
LARGELY ALONG PARTY LINES.
REPUBLICANS CONTINUE TO WANT TO
TO -- TO PRIVATIZE MEDICARE, TO
TURN MEDICARE OVER TO THE
INSURANCE INDUSTRY.
IT -- SIMPLY PUT, PUT INSURANCE
COMPANIES IN CHARGE OF MEDICARE,
IN CHARGE OF MAKING DECISIONS
ABOUT OUR SENIORS.
IS THAT WHAT WE WANT?
THAT'S WHY WE HAD MEDICARE IN
1965 BECAUSE INSURANCE COMPANIES
WERE IN CHARGE OF HEALTH CARE
FOR SENIORS MEANING A LOT OF
SENIOR CITIZENS IN THIS COUNTRY
HALF OF SENIORS HAD NO HEALTH
INSURANCE, PEOPLE OVER 65, IN
THE YEAR 1965.
NOW 99% ROUGHLY OF SENIORS HAVE
THAT'S BECAUSE OF THIS PROGRAM
THAT MOST OF US DEARLY LOVE, AND
THE HUGE MAJORITY OF OUR
CONSTITUENTS, IN WEST VIRGINIA
AND ILLINOIS AND OHIO LOVE, AND
THAT'S CALLED MEDICARE.
NOW, MR. PRESIDENT, TAKE ALL OF
WHAT I SAID ASIDE FOR A MOMENT.
TAKE OUT -- FORGET ABOUT
VOUCHERS, FORGET ABOUT
PRIVATIZATION, FORGET ABOUT
INSURANCE COMPANIES EVEN, AND
JUST THINK OF A PERSONAL WAY
WHAT MEDICARE HAS DONE IN THIS
MEDICARE HAS CREATED -- WAS
CREATED IN 1965, PASSED MOSTLY
BY DEMOCRATS IN THE HOUSE AND
SENATE, SIGNED BY PRESIDENT
LYNDON JOHNSON IN JULY OF 1965.
YEARS.
THINK ABOUT WHAT IT'S DONE.
PEOPLE -- FORGET ALL THE
QUESTIONS.
WHAT MEDICARE HAS DONE IS IT'S
HELPED PEOPLE IN THIS COUNTRY
LIVE LONGER, HEALTHIER LIVES.
AND WHAT THAT MEANS IS THAT
PEOPLE HAVE BEEN ABLE TO GET TO
KNOW THEIR GRANDCHILDREN.
SOMEBODY THAT'S 65 OR 70 OR 75
OR 80 AND ENJOYS GENERALLY GOOD
HEALTH HAS HAD YEARS, MAYBE
DECADES, WITH HELPING TO RAISE A
GRANDCHILD, HELPING TO -- GET TO
GO KNOW THEIR GRANDDAUGHTER,
GETTING TO PLAY WITH THEIR
GRANDSON, ALL THE THINGS THAT
GRANDPARENTS WANT TO DO.
BECAUSE OF MEDICARE, BECAUSE
SENIOR CITIZENS HAVE HAD GOOD
QUALITY, BETTER QUALITY OF LIFE
BECAUSE OF SOMETHING WE CALL
MEDICARE, THEY HAVE GOTTEN TO
KNOW THEIR GRANDCHILDREN BETTER.
THINK ABOUT WHAT THAT MEANS TO
THE CHILDREN, THEY HAVE GOTTEN
TO KNOW THEIR GRANDPARENTS
BETTER AND HAVE GOTTEN THE KIND
OF GUIDANCE THAT ONLY
GRANDPARENTS CAN GIVE.
MARGARET MEADE, THE GREAT
ANTHROPOLOGIST, SAID WISDOM AND
KNOWLEDGE ARE PASSED FROM
GRANDPARENT TO GRANDCHILD.
THINK ABOUT THAT, WISDOM AND
KNOWLEDGE ARE PASSED FROM
GRANDPARENT TO GRANDCHILD,
BECAUSE WE ALL KNOW IF WE HAVE
KIDS, OUR CHILDREN DON'T ALWAYS
LISTEN TO US.
BUT OUR GRANDCHILDREN DO.
I HAVE A 3-YEAR-OLD GRANDSON
NAMED CLAYTON, LIVES IN
COLUMBUS, OHIO.
WHEN I'M IN WASHINGTON, A LOT OF
DAYS SHE WILL PICK HIM UP AFTER
SCHOOL.
WE DON'T LIVE IN COLUMBUS, BUT
SHE GOES DOWN AND PICKS HIM UP
AFTER SCHOOL.
EVERY DAY CLAYTON GETS TO SPEND
WITH HIS GRANDMOTHER, I GET TO
SEE CLAYTON NOT AS OFTEN AS I
WANT BUT FAIRLY OFTEN.
WHAT MARGARET MEADE SAID IS
RIGHT, THE GRANDPARENTS IMPART A
SPECIAL KNOWLEDGE OR WISDOM TO
GRANDCHILDREN.
YOU THINK OF THE BENEFIT THAT
THEIR GRANDPARENTS.
I -- I WOULD HAVE LOOKED AT IT
QUITE THE SAME WAY UNTIL I HAD
MY FIRST GRANDSON THREE YEARS
AGO, BUT I UNDERSTAND THAT NOW.
THAT'S TO ME THE REAL BEAUTY OF
MEDICARE HAS HELPED THIS
COUNTRY'S SENIORS LIVE LONGER,
HEALTHIER LIVES.
IT HAS HELPED THIS COUNTRY'S
CHILDREN BE RAISED IN A WAY, IN
A MORAL WAY, IN A PRACTICAL WAY,
IN AN EDUCATIONAL WAY BETTER
THAN THEY WOULD HAVE IF THEIR
GRANDPARENTS HADN'T BEEN AROUND.
THAT'S THEIR FUNDAMENTAL REASON
THAT WHEN I HEAR REPUBLICANS SAY
THEY WANT TO CHANGE -- WE WANT
TO GET RID OF MEDICARE AS WE
KNOW IT, THEY WANT TO TURN
MEDICARE OVER AND SENIOR HEALTH
CARE OVER TO THE INSURANCE
INDUSTRY, WE KNOW WHAT WILL
HAPPEN.
SENIORS WON'T LIVE LONGER,
HEALTHIER LIVES BECAUSE THEY
WILL BE PART -- BECAUSE THEY
WILL HAVE LOST MEDICARE AS WE
KNOW IT, MR. PRESIDENT.
THAT'S WHY -- THAT'S WHY WE SENT
THE LETTER TO VICE PRESIDENT
BIDEN, SENATOR TESTER,
McCASKILL, CARDIN AND I DID,
TO SAY TAKE MEDICARE OFF THE
TABLE.
WE NEED TO DEAL WITH THIS BUDGET
DEFICIT, BUT DON'T -- DON'T MESS
WITH MEDICARE WHILE WE'RE DOING
IT.
MR. PRESIDENT.
I YIELD THE FLOOR.
THE
SENATOR FROM ILLINOIS.
I ASK UNANIMOUS
CONSENT TO SPEAK FOR THE NEXT
TEN MINUTES IN MORNING BUSINESS.
WITHOUT
OBJECTION.
MR. PRESIDENT, LATER
THIS WEEK, WE'RE GOING TO
CONSIDER AN ISSUE WHICH IS
COMPLICATEED, BUT IT'S AN ISSUE
THAT AFFECTS EVERY SINGLE
AMERICAN THAT EVER TAKES A PIECE
OF PLASTIC AND PAYS FOR
ANYTHING, AT A HOTEL, AT A
RESTAURANT, AT A CONVENIENCE
STORE, TUITION AT A SCHOOL, A
CHARITABLE DEDUCTION TO RED
DISASTER.
IF YOU USE PLASTIC, EVERY TIME
THAT DEBIT CARD -- WE'RE TALKING
JUST ABOUT DEBIT CARDS FOR THIS
CONVERSATION -- EVERY TIME THAT
DEBIT CARD IS SWIPED, THERE IS A
FEE THAT GOES TO THE BANK THAT
ISSUED THE CARD.
AND YOU THINK TO YOURSELF, WELL,
I WONDER HOW THEY NEGOTIATE
THOSE FEES, AND THE ANSWER IS
THEY DON'T.
WHAT HAPPENS IS THE CREDIT CARD
COMPANIES, THE TWO GIANTS, VISA
AND MASTERCARD, WORKING THROUGH
THE ISSUING BANKS DETERMINE
WHAT'S GOING TO BE CHARGED EVERY
TIME YOU SWIPE THE CARD.
SO WHAT DOES THE LOCAL GROCERY
STORE HAVE TO SAY ABOUT IT?
THEIR ALTERNATIVE IS TO NOT
ACCEPT PLASTIC AT ALL.
VISA AND MASTERCARD SAY YOU WANT
TO USE OUR CARD, YOU PLAY BY OUR
RULES, AND OUR RULES WILL TELL
YOU HOW MUCH WE TAKE EVERY TIME
YOU SWIPE THE CARD.
I'VE SEEN IT HAPPEN.
YOU HAVE, TOO, WHERE YOU GO INTO
A STORE AND YOU SHAKE YOUR HEAD
BECAUSE THAT YOUNG PERSON IN
FRONT OF YOU JUST BOUGHT A CANDY
BAR AND IS USING A PIECE OF
PLASTIC TO PAY FOR IT.
AND YOU THINK TO YOURSELF WHY
DON'T THEY REACH IN THEIR
POCKET, PULL OUT A DOLLAR BILL
AND PAY FOR IT?
INSTEAD, THEY SWIPE THE CARD.
AND YOU KNOW WHAT HAPPENS?
THAT PERSON SELLING THAT CANDY
BAR JUST LOST MONEY BECAUSE THE
FOLKS AT THE BANK AND THE CREDIT
CARD COMPANIES ARE GOING TO GET
THAT SWIPE FEE, WHICH HAPPENS TO
BE MORE THAN THE PROFIT THAT
THAT LITTLE GROCERY STORE IS
GOING TO MAKE ON A CANDY BAR.
SO NATURALLY, RETAILERS AND
MERCHANTS ALL ACROSS AMERICA
HAVE SAID THIS ISN'T FAIR TO US.
WE HAVE NO NEGOTIATING POWER
WHEN IT COMES TO HOW MUCH IS
TAKEN OUT EACH TIME THERE IS A
PLASTIC TRANSACTION FOR DEBIT
CARDS, AND THE CONSUMERS DON'T
KNOW.
WE KNOW, AS RETAILERS, BUT THE
CONSUMERS DON'T EVEN KNOW.
THERE IS NO TRANSPARENCY, THERE
IS NO COMPETITION.
WELL, WHAT'S WRONG WITH THIS
IF YOU BELIEVE IN A FREE MARKET,
YOU BELIEVE IN THOSE TWO THINGS.
YOU OUGHT TO BELIEVE THERE WOULD
BE SOME COMPETITION, SO MAYBE
THERE WOULD BE ONE DEBIT CARD
COMPANY THAT CHARGES A LOWER
FEE.
MAYBE THERE WOULD BE SPECIAL
CONSIDERATION GIVEN IF SOMEBODY
PAID IN CASH.
I GUESS THIS DATES ME, BUT THERE
WAS A TIME WHEN PEOPLE PAID IN
CASH FOR ALMOST EVERYTHING,
EXCEPT WHEN THEY USED A CHECK
AND THAT WAS RARE.
AND WHEN THEY PROCESSED THE
CHECK, IT WAS PENNIES.
RIGHT NOW WHAT THE FEDERAL
RESERVE TELLS US IS THAT FOR
EACH AND EVERY DEBIT CARD
TRANSACTION, THE AVERAGE FEE
CHARGED IS 44 CENTS.
WHEN WE PASSED AN AMENDMENT HERE
LAST YEAR, WE SAID TO THE
FEDERAL RESERVE, WELL, WHAT'S
THE ACTUAL COST TO THE COMPANY,
THE ISSUING BANK AND THE CREDIT
CARD, DEBIT CARD COMPANY FOR
PROCESSING THIS TRANSACTION?
THEY SAID 10 CENTS OR 12 CENTS.
AND THEY'RE CHARGING OVER 40
CENTS ON EACH TRANSACTION.
WHO PAYS IT?
WE ALL PAY IT.
EVEN IF YOU WALK INTO A STORE TO
PAY CASH, THAT MERCHANT HAS PUT
A PRICE ON THAT GOOD THAT
CONSIDERS THE FACT THAT MOST
PEOPLE ARE USING PLASTIC SO THEY
HAVE TO USE THAT PRICE TO COVER
THAT FEE.
SO WE SAID TO THE FEDERAL
RESERVE SIT DOWN AND FIGURE OUT
WHAT'S REASONABLE AND
PROPORTIONAL IN TERMS OF THE
COST THAT SHOULD BE COLLECTED
EVERY TIME YOU SWIPE THE CARD.
WELL, THIS IS A BIG POLITICAL
ISSUE, ONE OF THE BIGGEST.
YOU MIGHT SAY IT'S A
MULTIBILLION-DOLLAR ISSUE, AND
IT IS, BECAUSE EACH MONTH IN
AMERICA, OVER $1.3 BILLION,
OVER $1.3 BILLION, $1.3 BILLION
IS COLLECTED FROM CUSTOMERS ALL
ACROSS AMERICA WHEN THEY SWIPE
THEIR DEBIT CARDS.
WHERE DOES THE MONEY GO?
MOST OF IT GOES TO THE BIGGEST
BANKS ON WALL STREET.
THE SAME BANKS THAT WERE JUST
MOANING AND GROANING A FEW YEARS
AGO ABOUT THEY NEEDED A BAILOUT
BECAUSE THEY MADE SOME BIG
MISTAKES, THEY'RE BACK AGAIN.
THEY WANT A BAILOUT WHEN IT
COMES TO THESE DEBIT CARDS.
THEY WANT TO BE ABLE TO CONTINUE
TO COLLECT 40 CENTS AND MORE ON
EVERY TRANSACTION.
WELL, WE PASSED A LAW THAT SAID
THE PARTY'S OVER.
STARTING JULY 21, THERE WILL BE
A NEW RULE THAT WILL ESTABLISH A
REASONABLE FEE, AND THEY HAVE
BEEN FIGHTING THIS WITH ALL OF
THEIR MIGHT.
ALL OF THEIR LOBBYISTS, ALL OF
THEIR WORKERS, ALL THE LETTERS
THEY CAN SEND AGAINST THIS
WHY?
BECAUSE IT INVOLVES MONEY, HUGE
AMOUNTS OF MONEY FOR THESE MAJOR
WALL STREET BANKS AND CREDIT
CARD COMPANIES.
WE OUGHT TO BRING AN END TO
THIS.
CONSUMER GROUPS ACROSS AMERICA,
LABOR GROUPS, EVEN SOME SMALL
BUSINESS GROUPS, RETAIL
FEDERATION, MERCHANTS, SALOON
KEEPERS, HOTEL OWNERS,
RESTAURANT OWNERS, CONVENIENCE
STORE OWNERS ALL ACROSS AMERICA
THIS.
THIS ISN'T FAIR TO US AND TO OUR
LET US HAVE A REASONABLE AMOUNT
CHARGED FOR WHAT'S ACTUALLY
TAKING PLACE WITH A DEBIT CARD,
AND WE CAN LIVE WITH IT, BUT
FOUR TIMES AS MUCH THEY'RE
CHARGING TODAY?
AND INCIDENTALLY, GO UP TO
CANADA, NOT A LOT DIFFERENT THAN
THE UNITED STATES.
DEBIT CARDS AND CREDIT CARDS
THERE ISSUED BY BANKS.
DO YOU KNOW WHAT THE INTERCHANGE
FEE IS CHARGED IN CANADA TODAY?
ZERO.
NO CHARGE.
NO CHARGE AT ALL TO THE MERCHANT
WHO TAKES A DEBIT CARD IN
CANADA.
THE SAME COMPANIES VISA AND
MASTERCARD CHARGE ZERO IN CANADA
STATES.
AREN'T WE BLESSED?
TO HAVE TWO GREAT CREDIT CARD
COMPANIES WHO DREAMED UP HOW TO
STICK IT TO AMERICAN CONSUMERS,
AT THE BENEFIT OF AMERICAN
BANKS, ON WALL STREET
PARTICULARLY.
THAT'S WHAT THIS IS ABOUT.
NOW, MOST OF MY COLLEAGUES HAVE
GONE HOME OVER THE LAST WEEK OR
TWO AND THEY HAVE HEARD ABOUT
THIS ISSUE BECAUSE IT MEANS A
LOT TO A LOT OF PEOPLE.
WHAT WE DID WAS EXEMPT IN THIS
LAW CREDIT UNIONS AND COMMUNITY
SOME PEOPLE SAID WHY DID YOU
EXEMPT THEM?
WHY SHOULDN'T THEY HAVE REDUCED
FEES, TOO?
WELL, YOU WANT TO MAKE SURE THAT
FINANCIALLY THEY ARE NOT
DISADVANTAGED BY THIS, AND WE
PUT IN A SPECIFIC EXEMPTION,
SAID TO THE FEDERAL RESERVE
RIGHT UP YOUR RULES TO PROTECT
IT.
I HAVE SAID ON THE FLOOR AND I
WILL SAY IT AGAIN.
IF AT THE END OF THE DAY THE
RULE FROM THE FEDERAL RESERVE
DOES NOT PROVIDE ADEQUATE
PROTECTION FOR CREDIT UNIONS AND
COMMUNITY BANKS, I AM READY TO
SIGN UP TODAY TO PUT IN EVEN
MORE PROTECTION IN THE LAW.
I'LL BE THERE.
UNDERSTAND.
THEY WERE EXEMPTED BECAUSE I
BELIEVE THEY SHOULD BE, AND I
WANT TO MAKE SURE THAT EXEMPTION
WORKS.
BUT I DON'T CARE WHAT HAPPENS TO
THE WALL STREET BANKS.
I DON'T CARE WHAT HAPPENS TO
THESE CREDIT CARD COMPANIES.
THEY SEEM TONED UP ON THEIR FEET
WHEN IT'S ALL OVER ANYWAY.
AFTER GIVING THEM BILLIONS OF
DOLLARS OF TAXPAYERS' MONEY TO
BAIL THEM OUT OF THEIR MESS THAT
THEY HAVE MADE OF THINGS IN THIS
RECESSION, WHAT DID THEY DO?
THEY SENT US A BIG, WET KISS
AND -- IN THE FORM OF
MULTIMILLION-DOLLAR BONUSES FOR
ALL THEIR OFFICERS, SMILING ALL
THE WAY TO THE BANKS WITH
TAXPAYERS' MONEY.
WE DON'T OWE THEM A THING.
AND THE MEMBERS WHO WILL COME TO
THE FLOOR THIS WEEK AND VOTE
WITH THOSE BIG BANKS AND THOSE
CREDIT CARD COMPANIES REALLY
HAVE TO ASK THEMSELVES WHEN ARE
YOU EVER GOING TO STAND UP FOR
MERCHANTS, SMALL BUSINESSES
ACROSS AMERICA?
IS SOMEBODY GOING TO SPEAK UP
FOR THEM IN THIS CHAMBER?
THAT'S WHAT THIS DEBATE IS
ABOUT.
AND I HOPE AT THE END OF THE DAY
THAT MY COLLEAGUES WILL STAND
TALL AND SAY NO TO WALL STREET,
NO TO THE CREDIT CARD COMPANIES,
THAT THEY WILL STAND BY THE
RETAILERS AND MERCHANTS AND GIVE
THEM A CHANCE FOR TRANSPARENCY
AND COMPETITION, TO GIVE THEM A
CHANCE FOR A REASONABLE,
REASONABLE FEE FOR WHAT IS
TRANSACTION.
MR. PRESIDENT, I YIELD THE
FLOOR.
UNDER A
PREVIOUS ORDER, THE SENATE
STANDS ADJOURNED UNTIL 10:30
TUESDAY A.M.