And until our recent reforms, they did not have the power to 'pass on' the merchant service fee to the customer, that is,  BIS Review 20/2005  1  employ the 'user pays' principle by insisting that if customers use an expensive means of payment they should pay more than if they use a cheaper one.
Members of the President's economic team and the heads of the federal financial regulatory agencies have also joined us this morning. I have greatly enjoyed collaborating with many of you during my time in Washington, and I look forward to working with you in the future. Thank you for coming. I would like to extend a special welcome to members of Congress.