Dodd-Frank Regulatory Overhaul Likely To Get Tweaked
The ink is barely dry on the financial overhaul bill and already some lawmakers and interest groups are looking at ways to tweak it.
Rep. Michele Bachmann (R-Minn.) has introduced a bill to repeal the measure, and it has attracted seven co-sponsors, all fellow Republicans.
The interchange provision was first added during the Senate debate on the bill when that chamber adopted an amendment by Senate Majority Whip Richard Durbin (D-Ill.).
After the legislation was enacted, the Fed proposed a rule that would cap card interchange at no more than 12 cents per transaction. According to the proposed rule, the allowable costs for interchange would be limited to no more than the issuer's allowable costs divided by the number of electronic debit transactions on which the issuer received or charged an interchange transaction fee in the calendar year. Or the issuer could receive debit interchange capped at 12 cents per transaction.