[Congressional Record (Bound Edition), Volume 157 (2011), Part 4]
[Senate]
[Pages 4537-4540]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 258. Ms. LANDRIEU (for herself, Mr. Vitter, Mr. Cochran, and Mr. 
Shelby) submitted an amendment intended to be proposed by her to the 
bill S. 493, to reauthorize and improve the SBIR and STTR programs, and 
for other purposes; which was ordered to lie on the table; as follows:

       At the end of title V, add the following:

     SEC. 504. EXTENSION OF THE PLACED IN SERVICE DATE FOR LOW-
                   INCOME HOUSING CREDIT RULES FOR BUILDINGS IN GO 
                   ZONES.

       Section 1400N(c)(5) of the Internal Revenue Code of 1986 is 
     amended by striking ``January 1, 2012'' and inserting 
     ``January 1, 2013''.
                                 ______
                                 
  SA 259. Ms. KLOBUCHAR (for herself and Mr. Tester) submitted an 
amendment intended to be proposed by her to the bill S. 493, to 
reauthorize and improve the SBIR and STTR programs, and for other 
purposes; which was ordered to lie on the table; as follows:

       On page 116, after line 24, add the following:

     SEC. 504. EXEMPTION OF OFF-HIGHWAY VEHICLES FROM BAN ON LEAD 
                   IN CHILDREN'S PRODUCTS.

       (a) Exemption.--Section 101(b) of the Consumer Product 
     Safety Improvement Act of 2008 (15 U.S.C. 1278a(b)) is 
     amended--
       (1) by redesignating paragraph (5) as paragraph (6); and
       (2) by inserting after paragraph (4) the following:
       ``(5) Exception for off-highway vehicles.--
       ``(A) In general.--Subsection (a) shall not apply to an 
     off-highway vehicle.
       ``(B) Off-highway vehicle defined.--For purposes of this 
     section, the term `off-highway vehicle'--
       ``(i) means any motorized vehicle--

       ``(I) that is manufactured primarily for use off of public 
     streets, roads, and highways;
       ``(II) designed to travel on 2 or 4 wheels; and
       ``(III) having either--

       ``(aa) a seat designed to be straddled by the operator and 
     handlebars for steering control; or
       ``(bb) a nonstraddle seat, steering wheel, seat belts, and 
     roll-over protective structure; and
       ``(ii) includes a snowmobile.''.
       (b) Additional Amendment.--Such section is further amended 
     in paragraph (1)(A) by striking ``any''.
                                 ______
                                 
  SA 260. Mr. BROWN of Ohio submitted an amendment intended to be 
proposed by him to the bill S. 493, to reauthorize and improve the SBIR 
and STTR programs, and for other purposes; which was ordered to lie on 
the table; as follows:

       At the end of title V, add the following:

     SEC. 504. MANUFACTURING OPPORTUNITIES FOR SBIR AND STTR 
                   PROGRAMS.

       The Administration shall establish a portal within the 
     centralized SBIR website that--
       (1) announces manufacturing opportunities when available; 
     and
       (2) publishes any Administration rules and guidance 
     relating to such opportunities.
                                 ______
                                 
  SA 261. Mr. BROWN of Ohio submitted an amendment intended to be 
proposed by him to the bill S. 493, to reauthorize and improve the SBIR 
and STTR programs, and for other purposes; which was ordered to lie on 
the table; as follows:

       On page 90, line 13, after ``agency'' insert ``, including 
     in the manufacturing sector and, to the extent practicable, 
     the effects of patent rights granted to inventions arising 
     out of SBIR on job creation and savings in the manufacturing 
     sector''.
                                 ______
                                 
  SA 262. Mr. BENNET submitted an amendment intended to be proposed by 
him to the bill S. 493, to reauthorize and improve the SBIR and STTR 
programs, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the end, add the following:

     SEC. ___. MARKET RESEARCH TO IDENTIFY QUALIFIED RECIPIENTS OF 
                   AWARDS UNDER THE SBIR OR STTR PROGRAM.

       Section 15 of the Small Business Act (15 U.S.C. 644) is 
     amended by adding at the end the following:
       ``(s) SBIR and STTR Awardees.--
       ``(1) Definitions.--For purposes of this subsection--
       ``(A) the term `covered contract' means a contract to 
     perform research, development, or production that has an 
     expected annual value that is more than $150,000 and not more 
     than $25,000,000;
       ``(B) the term `recipient of an award under an SBIR program 
     or STTR program' includes a team of small business concerns 
     that received an award under an SBIR program or STTR program; 
     and
       ``(C) the terms `SBIR program' and `STTR program' have the 
     meanings given those terms under section 9.
       ``(2) Market research.--Before a contracting officer for a 
     Federal agency issues a request for proposals relating to a 
     covered contract, the contracting officer shall perform 
     market research to determine whether a recipient of an award 
     under the SBIR program or STTR program is qualified to 
     perform the covered contract using technology developed using 
     the award.
       ``(3) Full and fair consideration.--If a contracting 
     officer for a Federal agency identifies a recipient described 
     in paragraph (2) after performing market research under 
     paragraph (2), the contracting officer shall ensure that the 
     recipient is given full and fair consideration in the award 
     of the covered contract.''.
                                 ______
                                 
  SA 263. Mr. MENENDEZ (for himself, Mr. Kerry, and Mr. Rockefeller) 
submitted an amendment intended to be proposed to amendment SA 161 
proposed by Mr. Johanns (for himself and Mr. Manchin) to the bill S. 
493, to reauthorize and improve the SBIR and STTR programs, and for 
other purposes; which was ordered to lie on the table; as follows:

       On page 4, before line 1, insert the following:
       (b) Study of the Effects on Small Businesses of Increases 
     in the Amounts of Health Care Credit Overpayments Required to 
     Be Recaptured.--
       (1) In general.--The Secretary of Health and Human Services 
     shall conduct a study to determine if the amendments made by 
     this section--
       (A) will result in an increase in health insurance premiums 
     within the Exchanges created by the Patient Protection and 
     Affordable Care Act for employees or owners of small 
     businesses; or
       (B) will result in an increase in the number of individuals 
     who do not have health insurance coverage, a disproportionate 
     share of which are employees and owners of small businesses.
       (2) Effect of increases.--If the Secretary determines under 
     paragraph (1) that there will be an increase described in 
     subparagraph (A) or (B), or both, then the amendments made by 
     this section shall not apply to taxable years ending after 
     the date of such determination and the Internal Revenue Code 
     of 1986 shall be applied and administered to such taxable 
     years as if such amendments had never been enacted.
                                 ______
                                 
  SA 264. Ms. KLOBUCHAR (for herself and Mr. Tester) submitted an 
amendment intended to be proposed by her to the bill S. 493, to 
reauthorize and improve the SBIR and STTR programs, and for other 
purposes; which was ordered to lie on the table; as follows:

       On page 116, after line 24, add the following:

     SEC. 504. EXEMPTION OF OFF-HIGHWAY VEHICLES FROM BAN ON LEAD 
                   IN CHILDREN'S PRODUCTS.

       Section 101(b) of the Consumer Product Safety Improvement 
     Act of 2008 (15 U.S.C. 1278a(b)) is amended--
       (1) by redesignating paragraph (5) as paragraph (6); and
       (2) by inserting after paragraph (4) the following:
       ``(5) Exception for off-highway vehicles.--
       ``(A) In general.--Subsection (a) shall not apply to an 
     off-highway vehicle.
       ``(B) Off-highway vehicle defined.--For purposes of this 
     section, the term `off-highway vehicle'--
       ``(i) means any motorized vehicle--

[[Page 4538]]

       ``(I) that is manufactured primarily for use off of public 
     streets, roads, and highways;
       ``(II) designed to travel on 2 or 4 wheels; and
       ``(III) having either--

       ``(aa) a seat designed to be straddled by the operator and 
     handlebars for steering control; or
       ``(bb) a nonstraddle seat, steering wheel, seat belts, and 
     roll-over protective structure; and
       ``(ii) includes a snowmobile.''.
                                 ______
                                 
  SA 265. Ms. STABENOW submitted an amendment intended to be proposed 
by her to the bill S. 493, to reauthorize and improve the SBIR and STTR 
programs, and for other purposes; which was ordered to lie on the 
table; as follows:

       On page 116, after line 24, add the following:

     SEC. 504. SUSPENSION OF STATIONARY SOURCE GREENHOUSE GAS 
                   REGULATIONS.

       (a) Defined Term.--In this section, the term ``greenhouse 
     gas'' means--
       (1) water vapor;
       (2) carbon dioxide;
       (3) methane;
       (4) nitrous oxide;
       (5) sulfur hexafluoride;
       (6) hydrofluorocarbons;
       (7) perfluorocarbons; and
       (8) any other substance subject to, or proposed to be 
     subject to, any regulation, action, or consideration under 
     the Clean Air Act (42 U.S.C. 7401 et seq.) to address climate 
     change.
       (b) In General.--Except as provided in subsection (d), and 
     notwithstanding any provision of the Clean Air Act (42 U.S.C. 
     7401 et seq.), any requirement, restriction, or limitation 
     under such Act relating to a greenhouse gas that is designed 
     to address climate change, including any permitting 
     requirement or requirement under section 111 of such Act (42 
     U.S.C. 7411), shall not be legally effective during the 2-
     year period beginning on the date of the enactment of this 
     Act.
       (c) Treatment.--Notwithstanding any other provision of law, 
     any action by the Administrator of the Environmental 
     Protection Agency before the end of the 2-year period 
     described in subsection (b) that attempts to classify a 
     greenhouse gas as a pollutant subject to regulation under the 
     Clean Air Act (42 U.S.C. 7401 et seq.), except for purposes 
     other than addressing climate change, for any source other 
     than a new motor vehicle or a new motor vehicle engine (as 
     described in section 202(a) of such Act (42 U.S.C. 7521(a)) 
     shall not be legally effective during such period.
       (d) Exceptions.--Subsections (b) and (c) shall not apply 
     to--
       (1) the implementation and enforcement of the rule entitled 
     ``Light-Duty Vehicle Greenhouse Gas Emission Standards and 
     Corporate Average Fuel Economy Standards'' (75 Fed. Reg. 
     25324 (May 7, 2010) and without further revision); or
       (2) the finalization, implementation, enforcement, and 
     revision of the proposed rule entitled ``Greenhouse Gas 
     Emissions Standards and Fuel Efficiency Standards for Medium- 
     and Heavy-Duty Engines and Vehicles'' published at 75 Fed. 
     Reg. 74152 (November 30, 2010).

     SEC. 505. GREENHOUSE GAS EMISSION STANDARDS.

       (a) Preserving One National Standard for Automobiles.--
     Section 209(b) of the Clean Air Act (42 U.S.C. 7543) is 
     amended by adding at the end the following:
       ``(4) With respect to standards for emissions of greenhouse 
     gases (as defined in section 330) for model year 2017 or any 
     subsequent model year for new motor vehicles and new motor 
     vehicle engines--
       ``(A) the Administrator may not waive application of 
     subsection (a); and
       ``(B) no waiver granted prior to the date of enactment of 
     this paragraph may be considered to waive the application of 
     subsection (a).''.
       (b) Agricultural Sources.--In calculating the emissions or 
     potential emissions of a source or facility, emissions of 
     greenhouse gases that are subject to regulation under title 
     III of the Clean Air Act (42 U.S.C. 7601 et seq.) solely on 
     the basis of the effect of the gases on global climate change 
     shall be excluded if the emissions are from--
       (1) direct or indirect changes in land use;
       (2) the growing of commodities, biomass, fruits, 
     vegetables, or other crops;
       (3) the raising of stock, dairy, poultry, or fur-bearing 
     animals; or
       (4) farms, forests, plantations, ranches, nurseries, 
     ranges, orchards, greenhouses, or other similar structures 
     used primarily for the raising of agricultural or 
     horticultural commodities.

     SEC. 506. ENERGY SECURITY.

       (a) Short Title.--This section may be cited as the 
     ``Security in Energy and Manufacturing Act of 2011'' or the 
     ``SEAM Act of 2011''.
       (b) Extension of the Advanced Energy Project Credit.--
       (1) In general.--Subsection (d) of section 48C of the 
     Internal Revenue Code of 1986 is amended by adding at the end 
     the following new paragraph:
       ``(6) Additional 2011 allocations.--
       ``(A) In general.--Not later than 180 days after the date 
     of the enactment of this paragraph, the Secretary, in 
     consultation with the Secretary of Energy, shall establish a 
     program to consider and award certifications for qualified 
     investments eligible for credits under this section to 
     qualifying advanced energy project sponsors with respect to 
     applications received on or after the date of the enactment 
     of this paragraph.
       ``(B) Limitation.--The total amount of credits that may be 
     allocated under the program described in subparagraph (A) 
     shall not exceed the 2011 allocation amount reduced by so 
     much of the 2011 allocation amount as is taken into account 
     as an increase in the limitation described in paragraph 
     (1)(B).
       ``(C) Application of certain rules.--Rules similar to the 
     rules of paragraphs (2), (3), (4), and (5) shall apply for 
     purposes of the program described in subparagraph (A), except 
     that--
       ``(i) Certification.--Applicants shall have 2 years from 
     the date that the Secretary establishes such program to 
     submit applications.
       ``(ii) Selection criteria.--For purposes of paragraph 
     (3)(B)(i), the term `domestic job creation (both direct and 
     indirect)' means the creation of direct jobs in the United 
     States producing the property manufactured at the 
     manufacturing facility described under subsection 
     (c)(1)(A)(i), and the creation of indirect jobs in the 
     manufacturing supply chain for such property in the United 
     States.
       ``(iii) Review and redistribution.--The Secretary shall 
     conduct a separate review and redistribution under paragraph 
     (5) with respect to such program not later than 4 years after 
     the date of the enactment of this paragraph.
       ``(D) 2011 allocation amount.--For purposes of this 
     subsection, the term `2011 allocation amount' means 
     $5,000,000,000.
       ``(E) Direct payments.--In lieu of any qualifying advanced 
     energy project credit which would otherwise be determined 
     under this section with respect to an allocation to a 
     taxpayer under this paragraph, the Secretary shall, upon the 
     election of the taxpayer, make a grant to the taxpayer in the 
     amount of such credit as so determined. Rules similar to the 
     rules of section 50 shall apply with respect to any grant 
     made under this subparagraph.''.
       (2) Portion of 2011 allocation allocated toward pending 
     applications under original program.--Subparagraph (B) of 
     section 48C(d)(1) of such Code is amended by inserting 
     ``(increased by so much of the 2011 allocation amount (not in 
     excess of $1,500,000,000) as the Secretary determines 
     necessary to make allocations to qualified investments with 
     respect to which qualifying applications were submitted 
     before the date of the enactment of paragraph (6))'' after 
     ``$2,300,000,000''.
       (3) Conforming amendment.--Paragraph (2) of section 1324(b) 
     of title 31, United States Code, is amended by inserting 
     ``48C(d)(6)(E),'' after ``36C,''.
                                 ______
                                 
  SA 266. Ms. SNOWE submitted an amendment intended to be proposed by 
her to the bill S. 493, to reauthorize and improve the SBIR and STTR 
programs, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the end, add the following:

                 TITLE __--SMALL BUSINESS LENDING FUND

     SEC. __01. SHORT TITLE.

       This title may be cited as the ``Greater Accountability in 
     the Lending Fund Act of 2011''.

     SEC. __02. REPAYMENT DEADLINE UNDER THE SMALL BUSINESS 
                   LENDING FUND PROGRAM.

       (a) In General.--Section 4103(d)(5)(H) of the Small 
     Business Jobs Act of 2010 (12 U.S.C. 4741 note) is amended--
       (1) in clause (i)--
       (A) in subclause (I), by striking ``; or'' and inserting a 
     period;
       (B) by striking subclause (II); and
       (C) by striking ``will--'' and all that follows through 
     ``be repaid'' and inserting ``will be repaid'';
       (2) by striking clause (ii); and
       (3) by striking ``that--'' and all that follows through 
     ``includes,'' and inserting ``that includes,''.
       (b) Effective Date; Applicability; Savings Clause.--
       (1) Effective date; applicability.--The amendments made by 
     this section shall--
       (A) take effect on the date of enactment of this Act; and
       (B) apply to any investment made by the Secretary of the 
     Treasury under the Small Business Lending Fund Program 
     established under section 4103(a)(2) of the Small Business 
     Jobs Act of 2010 (12 U.S.C. 4741 note) (in this subsection 
     referred to as the ``Program'') on or after the date of 
     enactment of this Act.
       (2) Savings clause.--Notwithstanding the amendments made by 
     this section, an investment made by the Secretary of the 
     Treasury under the Program before the date of enactment of 
     this Act shall remain in full force and effect under the 
     terms and conditions under the investment.

[[Page 4539]]



     SEC. __03. SMALL BUSINESS LENDING FUND SUNSET.

       Section 4109 of the Small Business Jobs Act of 2010 (12 
     U.S.C. 4741 note) is amended--
       (1) in subsection (b), by inserting ``and shall be limited 
     by the termination date in subsection (c)'' before the period 
     at the end; and
       (2) by adding at the end the following:
       ``(c) Termination of Program.--
       ``(1) Investments.--On and after the date that is 15 years 
     after the date of enactment of this Act, the Federal 
     Government may not own any preferred stock or other financial 
     instrument purchased under this subtitle or otherwise 
     maintain any capital investment in an eligible institution 
     made under this subtitle.
       ``(2) Authorities.--Except as provided in subsection (a), 
     all the authorities provided under this subtitle shall 
     terminate 15 years after the date of enactment of this 
     Act.''.

     SEC. __04. SMALL BUSINESS LENDING FUND TRIGGER.

       Section 4109 of the Small Business Jobs Act of 2010 (12 
     U.S.C. 4741 note), as amended by section __03, is amended by 
     adding at the end the following:
       ``(d) FDIC Receivership.--The Secretary may not make any 
     purchases, including commitments to purchase, under this 
     subtitle if the Federal Deposit Insurance Corporation is 
     appointed receiver of 5 percent or more of the number of 
     eligible institutions that receive a capital investment under 
     the Program.''.

     SEC. __05. SMALL BUSINESS LENDING FUND LIMITATION.

       (a) In General.--Section 4103(d) of the Small Business Jobs 
     Act of 2010 (12 U.S.C. 4741 note) is amended--
       (1) by striking ``, less the amount of any CDCI investment 
     and any CPP investment'' each place it appears;
       (2) by striking paragraph (7);
       (3) by redesignating paragraphs (8), (9), and (10) as 
     paragraphs (7), (8), and (9), respectively; and
       (4) by adding at the end the following:
       ``(10) Prohibition on tarp participants participating in 
     the program.--An institution in which the Secretary made a 
     investment under the CPP, the CDCI, or any other program 
     established by the Secretary under the Troubled Asset Relief 
     Program established under the Emergency Economic 
     Stabilization Act of 2008 (12 U.S.C. 5201 et seq.) shall not 
     be eligible to participate in the Program.''.
       (b) Effective Date; Applicability; Savings Clause.--
       (1) Effective date; applicability.--The amendments made by 
     this section shall--
       (A) take effect on the date of enactment of this Act; and
       (B) apply to any investment made by the Secretary of the 
     Treasury under the Small Business Lending Fund Program 
     established under section 4103(a)(2) of the Small Business 
     Jobs Act of 2010 (12 U.S.C. 4741 note) (in this subsection 
     referred to as the ``Program'') on or after the date of 
     enactment of this Act.
       (2) Savings clause.--Notwithstanding the amendments made by 
     this section, an investment made by the Secretary of the 
     Treasury under the Program before the date of enactment of 
     this Act shall remain in full force and effect under the 
     terms and conditions under the investment.

     SEC. __06. PRIVATE INVESTMENTS UNDER THE SMALL BUSINESS 
                   LENDING FUND PROGRAM.

       Section 4103(d)(3) of the Small Business Jobs Act of 2010 
     (12 U.S.C. 4741 note) is amended--
       (1) in the paragraph heading, by striking ``matched''; and
       (2) in subparagraph (B)(i), by striking ``both under the 
     Program and''.

     SEC. __07. APPROVAL OF REGULATORS.

       (a) In General.--Section 4103(d)(2) of the Small Business 
     Jobs Act of 2010 (12 U.S.C. 4741 note) is amended--
       (1) in the paragraph heading, by striking ``Consultation 
     with'' and inserting ``Approval of'';
       (2) in the matter preceding subparagraph (A), by striking 
     ``the Secretary shall'' and inserting ``the Secretary may not 
     make a purchase under this subtitle unless'';
       (3) in subparagraph (A)--
       (A) by striking ``consult with''; and
       (B) by striking ``to determine whether the eligible 
     institution may receive'' and inserting ``determines that, 
     based on the financial condition of the eligible institution, 
     the eligible institution should receive'';
       (4) in subparagraph (B)--
       (A) by striking ``consider any views received from''; and
       (B) by striking ``regarding the financial condition of the 
     eligible institution'' and inserting ``determines that, based 
     on the financial condition of the eligible institution, the 
     eligible institution should receive such capital 
     investment''; and
       (5) in subparagraph (C)--
       (A) by striking ``consult with''; and
       (B) by inserting ``determines that, based on the financial 
     condition of the eligible institution, the eligible 
     institution should receive such capital investment'' before 
     the period at the end.
       (b) Conforming Amendments.--Section 4103(d)(3)(A) of the 
     Small Business Jobs Act of 2010 (12 U.S.C. 4741 note) is 
     amended--
       (1) by striking ``to be consulted under paragraph (2) would 
     not otherwise recommend'' and inserting ``required to make a 
     determination under paragraph (2) does not approve'';
       (2) by striking ``to be so consulted''; and
       (3) by striking ``to be consulted would recommend'' and 
     insert ``would approve''.

     SEC. __08. BENCHMARK FOR SMALL BUSINESS LENDING.

       Section 4103(d)(5)(A)(ii) of the Small Business Jobs Act of 
     2010 (12 U.S.C. 4741 note) is amended by striking ``for the 4 
     full quarters immediately preceding the date of enactment of 
     this Act'' and inserting ``during calendar year 2007''.
                                 ______
                                 
  SA 267. Mr. TESTER (for himself and Mr. Corker) submitted an 
amendment intended to be proposed by him to the bill S. 493, to 
reauthorize and improve the SBIR and STTR programs, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the end, add the following:

                 TITLE VI--DEBIT INTERCHANGE FEE STUDY

     SEC. 601. SHORT TITLE.

       This title may be cited as the ``Debit Interchange Fee 
     Study Act of 2011''.

     SEC. 602. FINDINGS.

       Congress finds that--
       (1) in response to the proposed debit interchange rule of 
     the Board of Governors of the Federal Reserve System mandated 
     by section 1075 of the Dodd-Frank Wall Street Reform and 
     Consumer Protection Act, the Chairman of Board, the 
     Comptroller of the Currency, the Chairperson of the Federal 
     Deposit Insurance Corporation, and the Chairman of the 
     National Credit Union Administration Board have publicly 
     raised concerns about the impact of the proposed rule;
       (2) while testifying before the Committee on Banking, 
     Housing, and Urban Affairs of the Senate on February 17, 
     2011, the Chairman of the Board stated in response to 
     questions about the small bank exemption to the interchange 
     rule, ``. . .there is some risk that the exemption will not 
     be effective and that the interchange fees available through 
     smaller institutions will be reduced to the same extent we 
     would see for larger banks'';
       (3) the Acting Comptroller of the Currency, in comments to 
     the Board, cited safety and soundness concerns and stated, 
     ``. . .we believe the proposal takes an unnecessarily narrow 
     approach to recovery of costs that would be allowable under 
     the law and that are recognized and indisputably part of 
     conducting a debit card business. This has long-term safety 
     and soundness consequences - for banks of all sizes. . .'';
       (4) the chairperson of the Federal Deposit Insurance 
     Corporation stated in comments to the Board regarding the 
     proposed rule their concern that the small bank exemption 
     would not work, stating, ``. . .we are concerned that these 
     institutions may not actually receive the benefit of the 
     interchange fee limit exemption explicitly provided by 
     Congress, resulting in a loss of income for community banks 
     and ultimately higher banking costs for their customers'';
       (5) the chairman of the National Credit Union 
     Administration Board, in comments to the Board, cited concern 
     with making sure there are ``meaningful exemptions for 
     smaller card issuers''; and
       (6) all of the comments and concerns raised by the banking 
     and credit union regulatory agencies cast serious questions 
     about the practical implementation of section 1075 of the 
     Dodd-Frank Wall Street Reform and Consumer Protection Act, 
     and further study and consideration are needed.

     SEC. 603. RULEMAKING AND EFFECTIVE DATES.

       (a) Extension for Rulemaking Timelines and Revised 
     Effective Date.--Section 920 of the Electronic Fund Transfer 
     Act (15 U.S.C. 1693o-2) is amended--
       (1) in subsection (a)(3)(A), by striking ``9 months after 
     the date of enactment of the Consumer Financial Protection 
     Act of 2010'' and inserting ``24 months after the date of 
     enactment of the Debit Interchange Fee Study Act of 2011'';
       (2) in subsection (a)(5)(B)(i), by striking ``9 months 
     after the date of enactment of the Consumer Financial 
     Protection Act of 2010'' and inserting ``24 months after the 
     date of enactment of the Debit Interchange Fee Study Act of 
     2011'';
       (3) in subsection (a)(8)(C), by striking ``9-month period 
     beginning on the date of the enactment of the Consumer 
     Financial Protection Act of 2010'' and inserting ``24-month 
     period beginning on the date of enactment of the Debit 
     Interchange Fee Study Act of 2011'';
       (4) in subsection (a)(9), by striking ``12-month period 
     beginning on the date of the enactment of the Consumer 
     Financial Protection Act of 2010'' and inserting ``30-month 
     period beginning on the date of enactment of the Debit 
     Interchange Fee Study Act of 2011'';
       (5) in subsection (b)(1)(A), by striking ``1-year period 
     beginning on the date of the enactment of the Consumer 
     Financial Protection Act of 2010'' and inserting ``24-month 
     period beginning on the date of enactment of the Debit 
     Interchange Fee Study Act of 2011''; and

[[Page 4540]]

       (6) in subsection (b)(1)(B), by striking ``1-year period 
     beginning on the date of the enactment of the Consumer 
     Financial Protection Act of 2010'' and inserting ``24-month 
     period beginning on the date of enactment of the Debit 
     Interchange Fee Study Act of 2011''.
       (b) Earlier Rulemaking Voided; New Rulemaking Required.--
     Any regulation proposed or prescribed by the Board pursuant 
     to section 920 of the Electronic Fund Transfer Act (as 
     amended by the Dodd-Frank Wall Street Reform and Consumer 
     Protection Act) prior to the date that is 6 months after the 
     date of completion of the study required under section 604 
     shall be withdrawn by the Board and shall have no legal 
     effect.

     SEC. 604. STUDY.

       (a) Study Required.--Not later than 12 months after the 
     date of enactment of this Act, the study agencies shall 
     jointly submit a report to the Committee on Banking, Housing, 
     and Urban Affairs of the Senate and the Committee on 
     Financial Services of the House of Representatives regarding 
     the impact of regulating debit interchange transaction fees 
     and related issues under section 920 of the Electronic Fund 
     Transfer Act.
       (b) Subjects for Review.--In conducting the study required 
     by this section, the study agencies shall examine the state 
     of the debit interchange payment system, including the impact 
     of section 920 of the Electronic Fund Transfer Act on 
     consumers, entities that accept debit cards as payment, all 
     financial institutions that issue debit cards, including 
     small issuers, and debit card networks, and shall 
     specifically examine--
       (1) the costs and benefits of electronic debit card 
     transactions and alternative forms of payment, including 
     cash, check, and automated clearing house (ACH) for 
     consumers, merchants, issuers, and debit card networks, 
     including--
       (A) individual consumer protections, ease of acceptance, 
     payment guarantee, and security provided through such forms 
     of payments for consumers;
       (B) costs and benefits associated with acceptance, 
     handling, and processing of different forms of payments, 
     including labor, security, verification, and collection where 
     applicable;
       (C) the extent to which payment form impacts incremental 
     sales and ticket sizes for merchants;
       (D) all direct and indirect costs associated with fraud 
     prevention, detection, and mitigation, including data breach 
     and identity theft, and the overall costs of fraud incurred 
     by debit card issuers and merchants, and how those costs are 
     distributed among those parties; and
       (E) financial liability and payment guarantee for debit 
     card transactions and associated risks and costs incurred by 
     debit card issuers and merchants, and how those costs are 
     distributed among those parties;
       (2) the structure of the current debit interchange system, 
     including--
       (A) the extent to which the current structure offers 
     merchants and issuers, particularly smaller merchants and 
     issuers sufficient competitive opportunities to participate 
     and negotiate in the debit interchange system;
       (B) an examination of the benefits of allowing interchange 
     fees to be determined in bilateral negotiations between 
     merchants and issuers, including small issuers directly;
       (C) mechanisms for allowing more price discovery and 
     transparency on the part of the consumer; and
       (D) the ability of new competitors to enter the payment 
     systems market and an examination into whether structural 
     barriers to entry exist; and
       (3) the impact of the proposed rule reducing debit card 
     interchange fees issued by the Board entitled, ``Debit Card 
     Interchange Fees and Routing'' (75 Fed. Reg. 81,722 (Dec. 28, 
     2010)), if such proposed rule were adopted without change, 
     including--
       (A) the impact on consumers, including whether consumers 
     would benefit from reduced interchanges fees through reduced 
     retail prices;
       (B) the impact on lower and moderate income consumers and 
     on small businesses with respect to the cost and 
     accessibility of payment accounts and services, the 
     availability of credit, and what alternative forms of 
     financing are available and the cost of such financing;
       (C) the impact on consumer protection, including anti-
     fraud, customer identification efforts, and privacy 
     protection;
       (D) the impact of reduced debit card interchange fees on 
     merchants, including a comparison of the impact on small 
     merchants versus large merchants;
       (E) the potential consequences to merchants if reduced 
     debit interchange fees result in elimination of the payment 
     guarantee or other reductions in debit card services to 
     merchants or shift consumers to other forms of payments;
       (F) the impact of significantly reduced debit card 
     interchange fees on debit card issuers and the services and 
     rates they provide, if fees do not adequately recoup costs 
     and investments made by issuers and the potential impact on 
     the safety and soundness of issuers;
       (G) whether it is possible to exempt or treat differently a 
     certain class of issuers within the debit interchange system, 
     such as small issuers and the impact of market forces on such 
     treatment;
       (H) the extent to which a transition to a fee cap from an 
     interchange fee that is proportional to the overall cost of a 
     transaction could provide a reasonable rate of return for 
     issuers and adequately cover fraud and related costs;
       (I) the impact on other entities that utilize debit card 
     transactions, including the debit card programs of Federal 
     and State entities.
       (J) the impact of shifting debit transaction routing from 
     card issuers to merchants, including resulting changes to 
     interchange fees and costs for card issuers; and
       (K) the impact of mandating a specific number of enabled 
     networks on merchants and debit card issuers, including the 
     specific and unique impact on small issuers.

     SEC. 605. DEFINITIONS.

       For purposes of this title, the following definitions shall 
     apply:
       (1) Board.--The term ``Board'' means the Board of Governors 
     of the Federal Reserve System.
       (2) Study agencies.--The term ``study agencies'' means the 
     Board, the Office of the Comptroller of the Currency, the 
     Federal Deposit Insurance Corporation, and the National 
     Credit Union Administration.
       (3) Small issuers.--The term ``small issuers'' means debit 
     card issuers that are depository institutions, including 
     community banks and credit unions, with assets of less than 
     $10,000,000,000.

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