Sarah Bloom Raskin: Interchange fees Testimony by Ms Sarah Bloom Raskin, Member of the Board of Governors of the Federal Reserve System, before the Subcommittee on Financial Institutions and Consumer Credit, Committee on Financial Services, US House of Representatives, Washington DC, 17 February 2011.
*  *  *  Chairman Capito, Ranking Member Maloney, and members of the subcommittee, thank you for the opportunity to discuss the Board’s proposed Regulation II, which implements the interchange fee provisions of section 1075 of the Dodd-Frank Act. The proposed rule has two main components. First, the proposal implements the statutory prohibition on network exclusivity arrangements and merchant routing restrictions.