Rep. Barney Frank (D-MA), one of the co-authors of the Dodd-Frank financial overhaul bill, announced that he would support legislation to delay implementation of the Federal Reserve’s debit interchange limits.
“The Federal Reserve’s announcement that they cannot meet the deadline on interchange fees confirms my view that this is the only part of the financial reform bill that needs to be amended,” he said, according to The Hill. “For this reason, I support legislative action to postpone the deadline so that we can revisit it.”
Rep. Frank has been an outspoken critic of the Durbin Amendment that calls for the Federal Reserve to assess new debit interchange regulations. A bipartisan group of nine Senators, led by Sen. Jon Tester (D-MT), have introduced the “Debit Interchange Fee Study Act of 2011” that seeks to delay debit interchange regulations by the Federal Reserve for two years to allow for further study and examination. No vote has been schedule on the bill, according to the Hill.
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