Sen. Rand Paul and others finally get it right

[John Galt?]

Senators, coalition say whoa! to Durbin Amendment

A bipartisan group of U.S. senators introduced legislation March 15, 2011, calling for a two-year delay in the implementation of the Federal Reserve's rule on debit interchange so the implications of the rule can be studied further.

The bill, called the Debit Interchange Fee Study Act, is being sponsored by Sens. Jon Tester, D-Mont.; Bob Corker, R-Tenn.; Jon Kyl, R-Ariz.; Ben Nelson, D-Neb.; Tom Carper, D-Del.; Pat Roberts., R-Kan.; Chris **CENSORED**s., D-Del.; Mike Lee, R-Utah; and Pat Toomey, R-Pa.

In December 2010, the Fed proposed a set of rules implementing the Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act that offered two options for capping interchange. Each option has a cap of 12 cents per transaction, reflecting a 70 percent reduction in the average 44-cent debit card interchange assessment in 2010, according to the Fed's calculations.

"The stakes are simply too high to move forward with this rule without a closer look at the impact on consumers, credit unions, community banks, and the small businesses and jobs they sustain," said Tester, a member of the Senate Banking Committee, in a statement. "That is why we need to make sure we stop and study these proposed rules before implementing anything."

The Dodd-Frank Act requires final rules related to the interchange fee provisions to be issued by April 21, and that the rules become effective on July 21.

http://www.greensheet.com/breakingnews.php?flag=breaking_news

[dbucfan]

You mean - the Congress wants to both read and understand the outcome of their legislative intrusion into the economy - GET OUT....

[John Galt?]

You mean - the Congress wants to both read and understand the outcome of their legislative intrusion into the economy - GET OUT....

I wonder if Pelosi no longer running the House and Reid hanging by a thread has anything to do with this?

Naw, couldn't be

[dbucfan]

LMAO - you mean the automatic acceptance of all things Obama might have hit a snag as the issues are identified - yea - that could be a problem