With their new majority in the House, Republicans are vowing to keep a close eye on regulators, and the Federal Reserve's regulation of interchange could well be one of the lawmakers' top priorities.
"Hastily written rules may end up doing more harm than good to consumers and have negative effects on competition in the marketplace," House Financial Services Committee Chairman Spencer Bachus (R-Ala.) and committee member Jeb Hensarling (R-Texas) wrote in a comment letter to the Fed. "There are lingering concerns regarding whether the Fed has had the time and input it needs to best address the intent of the statute."
At press time, Bachus hadn't announced a hearing schedule, but he promised that the committee would make oversight of the financial overhaul bill passed by Congress last year-of which the provision giving the Fed power to regulate interchange fees is a part–one of its top priorities.
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