Rep. Barney Frank, the senior Democrat on the House Financial Services Committee, today endorsed legislation that would delay implementation of the Federal Reserve’s rule regulating debit interchange fees.
“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. For this reason, I support legislative action to postpone the deadline so that we can revisit it,’’ Frank (D-Mass.) said in a statement.
Frank was one of the two key authors of the financial overhaul that was passed last yer. The interchange provision was added in the Senate after the House passed a version without it. During the House-Senate conference committee to reconcile the versions, senators said they wouldn’t support the bill without the interchange provision.
Last week, the Fed pushed back the date when it will release its final rule.