ICYMI: POLITICO - VISA Exec Caught Misquoting In Congressional Testimony
Visa’s General Counsel misleads Congress by distorting small business owner testimony
PREGAME DURBIN SKIRMISH - Even before the gavel comes down on today’s 10 a.m. House subcommittee hearing on the Durbin amendment there is serious dispute. In his prepared statement, Visa General Counsel Joshua Floum quotes 2008 testimony from Thomas Robinson, a gas station owner, in which Robinson said: “There is not a businessman that doesn’t attempt to keep the margin.”
The quote seems to bolster the argument that merchants will keep savings from lower debit card fees for themselves, rather than pass them on to consumers. But Floum apparently truncated the quote. Robinson actually said: “There is not a businessman that doesn’t attempt to keep the margin. But the competition always drives it back out.”
Robinson’s quote went on to say “And when you have a competitive market – and we definitely have a competitive market, unlike some others – those benefits will go to the consumer.”
Robinson testimony:
Floum statement:
Long overdue relief is near for America’s small business owners who face excessive swipe fees every time a customer uses debit card in their stores. Don’t let the Visa and MasterCard duopoly take another swipe at small business. Whose side are you on?