WASHINGTON — The lead House sponsor of a measure to delay the implementation of the Federal Reserve’s rule regulating interchange said today that chamber won’t take up the measure until seeing what the Senate does first.
“We are watching very closely what’s happening in the Senate. It’s gong to be very important for the Senate to make that first move, at least on the floor, because they are going to have the steeper hill to climb. I believe,” Rep. Shelley Moore Capito (R- W.Va.) said in an interview with Credit Union Times.
Capito, who chairs the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit, said her bill has 59 cosponsors from both parties, but she declined to predict how it would fare if it came up for a vote in the House.
“I don’t really know. But the Fed, by pushing back the date when they will release their final rule, and with all the different groups weighing in, it shows the broad opposition to moving forward with the rule as printed. There will be a lot of support for it [the bill] in the House, whether there is majority support remains to be seen,” she added during the interview, which was held in her Capitol Hill office.
Capito’s bill would delay implementation of the Fed’s rule by one year and would call for a study of the issue by the NCUA and other financial regulators. A companion bill introduced by Sen. Jon Tester (D-Mont.) would delay implementation of the rule by two years.
Tester has said he hopes to attach his measure as an amendment to the small business lending bill that is pending in that chamber.