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Congressional Legislation Details

Title as Introduced:

Consumer Debit Card Protection Act

Bill Number:



Repeals the debit card interchange fee price controls implemented under the Dodd-Frank financial regulatory overhaul.

Bill Sponsor

Jason Chaffetz (REP UT)


Our Position:

We support this bill.
Dear Representatives Chaffetz and Owens,

On behalf of more than 1.8 million Americans for Prosperity activists in all 50 states, I write in strong support of your recently introduced Consumer Debit Card Protection Act, H.R. 3156. Your bill would repeal the price controls on debit card interchange fees entirely, and prevent other agencies like the unaccountable Consumer Financial Protection Bureau from taking up these price caps on their own. This is a vital step towards restoring the market balance that was thrown completely out of order by poorly-conceived government regulation.

As you know, on July 21, 2010, President Obama signed into law the Dodd-Frank financial regulatory overhaul, which included a provision that allowed the Federal Reserve to place price controls on bank fees charged to process debit card transactions. Despite months of debate and hearings on the new provision—where politicians, bankers, economists, and consumer groups all warned of the damage the provision would do to the economy—on June 8 of this year legislation to delay the rules pending further study failed to gain enough support.

On June 29, the Federal Reserve issued its final rule stating they would be capping the fees at 24 cents per transaction on average, well below the 44-cent prevailing market rate. On September 29, just days before the price caps were scheduled to take effect, Bank of America announced that it would have to start charging a $5 monthly fee for the use of debit cards. Numerous other banks have also begun to end free checking in response to the price controls. Analysts widely agree that these monthly fees were needed to recoup revenue lost as a result of the new rules.

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


Referred to the House Committee on Financial Services.


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