Sen. Corker: "I don't think the federal government should be setting prices. I fundamentally disagree with that. I emphasize that there is an issue here with retailers. I understand there is tremendous difficulties in negotiating with these entities but arbitrarily setting a price and have the Federal Reserve chairman do it is not the way to go. The way this amendment was passed was not correct. It was never debated and it was never discussed until the amendment was brought up to vote. The folks that regulate these entities have even said this is problematic. You could tell in Ben Bernanke's testimony that he was very uncomfortable with the orders he was given by Congress on how to set this. The OCC and the FDIC have both said this is highly problematic. If you were going to set prices you couldn't do it properly against the standards laid out in the Durbin amendment.
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