Recording of the live webcast of the Federal Reserve's June 29, 2011 open Board meeting on the proposal governing debit card interchange fees, the fraud prevention adjustment, and routing and exclusivity restrictions. Board meeting material and high-definition video: www.federalreserve.gov Transcript: www.federalreserve.gov From the Federal Reserve: www.federalreserve.gov Federal Reserve's meeting on the proposal governing debit card interchange fees, the fraud prevention adjustment, and routing and exclusivity restrictions. CHAIRMAN BERNANKE Good afternoon, everybody. We're meeting today to review the final rule implementing the Debit Card Interchange provision to the Dodd-Frank Act. We're approaching the one-year anniversary of Dodd-Frank. The Federal Reserve has been given substantial and important new responsibilities under this act, and we have been working diligently to implement the statutory requirements under our purview. The interchange rule we are considering this afternoon has been one of our most challenging rulemakings under Dodd-Frank to date. We received well over 11000 comments on our proposed rule. We have taken the time needed to review these comments carefully. They've been very helpful to us, and the final rule reflects a number of changes suggested by the commenters. I believe the final rule that we will discuss today gives careful and appropriate consideration to the statutory language, the cost data available to us, and the complexities of the ...
http://www.youtube.com/watch?v=1LpZPOAZH2M&hl=en
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