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Bills

Congressional Legislation Details

Title as Introduced:

Debit Interchange Fee Study Act

Bill Number:

S.575

Description:

A bill to study the market and appropriate regulatory structure for electronic debit card transactions, and for other purposes.

Bill Sponsor

Co-Sponsors:

Our Position:

We support this bill.

Dear Senator Jon Tester and Representative Shelley Moore Capito,

On behalf of more than 1.7 million Americans for Prosperity activists in all 50 states, I applaud you for introducing the Debit Interchange Fee Study Act (S. 575) and the Consumers Payment System Protection Act (H.R. 1081), bills to delay implementation of price controls on debit card transactions and to study the impact of the proposed rule. This rule is the latest example of regulators going beyond congressional intent, a problem that will likely worsen if Congress fails to exercise effective oversight as the hundreds of rules authorized by Dodd-Frank move forward.

The Durbin Amendment was added to the Dodd-Frank bill in a rushed attempt by retailers to leverage concern over the financial crisis to their advantage. Senator Durbin claimed that his amendment would not result in the Federal Reserve setting debit interchange prices, but the Fed’s proposed rule does precisely that, setting price controls at 12 cents per debit transaction.

Click here to read AFP's full letter of support.

Status:

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

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