II 

118TH CONGRESS 

2D SESSION S. 4570 

To require the Board of Governors of the Federal Reserve System to study 

the impacts of the proposed rule on debit card interchange fees and 

routing, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

JUNE 18, 2024 

Mr. BUDD (for himself, Mr. HAGERTY, Mr. DAINES, Mr. TILLIS, and Mrs. 

BRITT) introduced the following bill; which was read twice and referred 

to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To require the Board of Governors of the Federal Reserve 

System to study the impacts of the proposed rule on 

debit card interchange fees and routing, and for other 

purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Secure Payments Act 

5 of 2024’’. 

6 SEC. 2. DEFINITION. 

7 In this Act, the term ‘‘Reg II proposed rule’’ means 

8 the notice of proposed rulemaking entitled ‘‘Debit Card 


kjohnson on DSK7ZCZBW3PROD with $$_JOB
2 

•S 4570 IS

1 Interchange Fees and Routing’’ (88 Fed. Reg. 78100 (No2 vember 14, 2023)). 

3 SEC. 3. STUDY AND QUANTITATIVE IMPACT ANALYSIS RE4 LATED TO INTERCHANGE TRANSACTION FEE 

5 REQUIREMENTS. 

6 (a) IN GENERAL.—The Board of Governors of the 

7 Federal Reserve System shall conduct— 

8 (1) a study of— 

9 (A) the impacts of the Reg II proposed 

10 rule on— 

11 (i) consumers, including access to free 

12 or low- and no-cost deposit accounts; 

13 (ii) the costs to merchants of accept14 ing debit cards; and 

15 (iii) efforts of financial institutions to 

16 mitigate fraud; and 

17 (B) the cumulative impacts of all proposed 

18 rules of Federal agencies issued between Janu19 ary 1, 2023, and the date of enactment of this 

20 Act that affect deposit accounts; and 

21 (2) a quantitative impact analysis of the Reg II 

22 proposed rule to study— 

23 (A) the potential impact of the rule on con24 sumers, including the affordability of debit 

25 products and availability of low- or no-fee bankVerDate Sep 11 2014 23:28 Aug 06, 2024 Jkt 049200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S4570.IS S4570

kjohnson on DSK7ZCZBW3PROD with $$_JOB
3 

•S 4570 IS

1 ing products serving low- and moderate-income 

2 communities; and 

3 (B) the impact of the changes made by the 

4 rule on small insured depository institutions. 

5 (b) REPORT.—The Board of Governors of the Fed6 eral Reserve System shall submit to Congress a report 

7 that contains all findings and determinations made in car8 rying out the study and the quantitative impact analysis 

9 required under subsection (a). 

10 (c) REQUIREMENT TO CONSIDER RESULTS OF RE11 PORT BEFORE FINALIZING REG II PROPOSED RULE.— 

12 The Board of Governors of the Federal Reserve System 

13 may not finalize the Reg II proposed rule until— 

14 (1) the date on which the report required under 

15 subsection (b) is issued; and 

16 (2) considering the results contained in the re17 port required under subsection (b); and 

18 (3) taking into account— 

19 (A) the effect of the Reg II proposed rule 

20 on the capital and earnings of depository insti21 tutions; and 

22 (B) whether the Board of Governors can 

23 determine that interchange fee caps provide net 


kjohnson on DSK7ZCZBW3PROD with $$_JOB
4 

•S 4570 IS

1 benefits to low- and moderate-income and un2 derserved customers. 

Æ 


kjohnson on DSK7ZCZBW3PROD with $$_JOB