[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1075 of that Act is repealed, and the provisions of law amended by such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Protection Act) is void and shall be withdrawn by the Board and shall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.
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