mr mierzwinski? >> senator, my testimony we definitely say we shouldn't adopt a specific standard but i certainly think from what i understand, i am not the world's biggest expert, cit and pin is a higher standard than chip and signature so if you have a technology forcing standards, a performance standard, that is a good way to go as long as it is an open standard that encourages more and better technology to come forward. >> what about the bank's and retailers? >> studying a specific technology standard i agree is not a good idea because of how quickly fraud steers keep changing and adapting but as far as setting standards we all did the best we can with the technology available i think that is fine. >> we would like our partners to do the right thing to adopt pin and chip technology. as i mentioned earlier a number of retailers were beginning to explore mobile as a possibility and we would like to be careful congress does not do something that might slow down that transition to even more secure sy

mr. mierzwinski, you may have gotten a win since they agreed to put all cars to an equal standard. maybe we have made some small progress as well. i close out my comment with two points. if we think about this more holistically, i'm learning this notion of tokenization so there is encrypted data regardless of where your transaction take lace, is something we need to go through. you do not want to go out and buy a terminal that is going to be out dated six months or year from now. how you keep that in some sort of open system so it cannot be cobbled on. to aboutwe do not get whoever has the data, how will it be kept secure? were ever it's -- wherever it stands, what are the obligations to keep that information in a secure fashion? comeic that we will back too. i want to thank my colleagues. i want to thank both the first panel and the second panel. this estimate was a $300 billion hit to our economy last year. it is a magically going to be higher. we need to get ahead of this. i look forward to working to find the solutions. thank you all. these letters will be added and the hearing

mr. mierzwinski, you may have gotten a win since they agreed to put all cars to an equal standard. maybe we have made some small progress as well. i close out my comment with two points. if we think about this more holistically, i'm learning this notion of tokenization so there is encrypted data regardless of where your transaction take lace, is something we need to go through. you do not want to go out and buy a terminal that is going to be out dated six months or year from now. how you keep that in some sort of open system so it cannot be cobbled on. to aboutwe do not get whoever has the data, how will it be kept secure? were ever it's -- wherever it stands, what are the obligations to keep that information in a secure fashion? comeic that we will back too. i want to thank my colleagues. i want to thank both the first panel and the second panel. this estimate was a $300 billion hit to our economy last year. it is a magically going to be higher. we need to get ahead of this. i look forward to working to find the solutions. thank you all. these letters will be added and the hearing