Vote Smart's Synopsis:

Vote to adopt an amendment to S 782 that repeals certain regulations governing electronic debit card transactions.

Highlights:

• Repeals all regulations proposed or prescribed by the Board of Governors of the Federal Reserve System after July 1, 2010 regarding electronic debit card transactions (Sec. 5).

• Requires a study to be conducted within 6 months of the effective date of this bill evaluating certain aspects of the Electronic Fund Transfer Act including, but not limited to, the following (Sec. 4):
• All fixed and incremental costs associated with debit card transactions on card issuers and payment card networks; and
• The overall impact of regulating interchange fees on consumers including, but not limited to, the following:
• The impact on consumer protection; and
• The impact on retail prices from changed interchange rates.

• Requires the Board of Governors of the Federal Reserve System to issue new rules based upon the study's findings no later than 6 months after the date of submission of the study's report to Congress (Sec. 5).

Full Bill Text

Full Bill Text