See How Your Politicians Voted
Title: Debit Card Transactions
Vote Smart's Synopsis:
Vote to adopt an amendment to S 782 that repeals certain regulations governing electronic debit card transactions.
- Repeals all regulations proposed or prescribed by the Board of Governors of the Federal Reserve System after July 1, 2010 regarding electronic debit card transactions (Sec. 5).
- Requires a study to be conducted within 6 months of the effective date of this bill evaluating certain aspects of the Electronic Fund Transfer Act including, but not limited to, the following (Sec. 4):
- All fixed and incremental costs associated with debit card transactions on card issuers and payment card networks; and
- The overall impact of regulating interchange fees on consumers including, but not limited to, the following:
- The impact on consumer protection; and
- The impact on retail prices from changed interchange rates.
- Requires the Board of Governors of the Federal Reserve System to issue new rules based upon the study's findings no later than 6 months after the date of submission of the study's report to Congress (Sec. 5).