[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3156 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 3156

 To repeal the debit card interchange price control provisions of the 
 Dodd-Frank Wall Street Reform and Consumer Protection Act and restore 
   balance to the electronic payments system, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 12, 2011

Mr. Chaffetz (for himself and Mr. Owens) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To repeal the debit card interchange price control provisions of the 
 Dodd-Frank Wall Street Reform and Consumer Protection Act and restore 
   balance to the electronic payments system, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Consumer Debit Card Protection 
Act''.

SEC. 2. REPEAL OF FEDERAL CONTROLS ON DEBIT CARD INTERCHANGE FEES.

    (a) Repeal.--Effective as of the enactment of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act (Public Law 111-203), section 
1075 of that Act is repealed, and the provisions of law amended by such 
section are revived or restored as if such section had not been 
enacted.
    (b) Rulemakings Voided.--Any regulation or information collection 
proposed or prescribed by the Board of Governors of the Federal Reserve 
System pursuant to section 920 of the Electronic Fund Transfer Act (as 
added by title X of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act) is void and shall be withdrawn by the Board and shall 
have no force or effect.

SEC. 3. STATUTORY CORRECTIONS.

    (a) Electronic Fund Transfer Act.--The Electronic Fund Transfer Act 
(15 U.S.C. 1693 et seq.) is amended--
            (1) in section 904--
                    (A) subsection (a)--
                            (i) by amending paragraph (2) to read as 
                        follows:
            ``(2) Authority of the board.--The Board shall have sole 
        authority to prescribe rules to carry out the purposes of this 
        title with respect to a person described in section 1029(a) of 
        the Consumer Financial Protection Act of 2010. In prescribing 
        such regulations, the Board shall--'';
                            (ii) by redesignating the last 4 paragraphs 
                        (designated as paragraphs (1) through (4)) as 
                        subparagraphs (A) through (B), respectively;
                            (iii) in subparagraph (C) (as so 
                        redesignated), by striking ``the Board''; and
                            (iv) in subparagraph (D) (as so 
                        redesignated)--
                                    (I) by striking ``any'' and 
                                inserting ``send any'';
                                    (II) by striking ``shall be sent''; 
                                and
                                    (III) by striking ``by the Board''; 
                                and
                    (B) in subsection (e), by striking ``to--'' and all 
                that follows and inserting ``to the Bureau in making 
                determinations regarding the meaning or interpretation 
                of any provision of this title for which the Bureau has 
                authority to prescribe regulations.''; and
            (2) in section 918(a)--
                    (A) in paragraph (3), by striking the period and 
                inserting ``; and'';
                    (B) in paragraph (4), by striking ``; and'' and 
                inserting a period; and
                    (C) by striking paragraph (5).
    (b) Consumer Financial Protection Act of 2010.--Section 1002(12)(C) 
of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 
U.S.C. 5481(12)(C)) is amended by striking ``, except with respect to 
section 920 of that Act''.
    (c) Rule of Construction.--The amendments made by subsections (a) 
and (b) shall not be construed as limiting or expanding any authority 
granted to the Bureau of Consumer Financial Protection under the 
Consumer Financial Protection Act of 2010. Nothing in this Act or the 
amendment made by this Act shall be construed as granting such Bureau 
the authority to regulate debit card or credit card interchange 
transaction fees.
                                 <all>