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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 4570 Introduced in Senate (IS)]

<DOC>

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.

    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 ``Secure Payments Act of 2024''.

SEC. 2. DEFINITION.

    In this Act, the term ``Reg II proposed rule'' means the notice of 
proposed rulemaking entitled ``Debit Card Interchange Fees and 
Routing'' (88 Fed. Reg. 78100 (November 14, 2023)).

SEC. 3. STUDY AND QUANTITATIVE IMPACT ANALYSIS RELATED TO INTERCHANGE 
              TRANSACTION FEE REQUIREMENTS.

    (a) In General.--The Board of Governors of the Federal Reserve 
System shall conduct--
            (1) a study of--
                    (A) the impacts of the Reg II proposed rule on--
                            (i) consumers, including access to free or 
                        low- and no-cost deposit accounts;
                            (ii) the costs to merchants of accepting 
                        debit cards; and
                            (iii) efforts of financial institutions to 
                        mitigate fraud; and
                    (B) the cumulative impacts of all proposed rules of 
                Federal agencies issued between January 1, 2023, and 
                the date of enactment of this Act that affect deposit 
                accounts; and
            (2) a quantitative impact analysis of the Reg II proposed 
        rule to study--
                    (A) the potential impact of the rule on consumers, 
                including the affordability of debit products and 
                availability of low- or no-fee banking products serving 
                low- and moderate-income communities; and
                    (B) the impact of the changes made by the rule on 
                small insured depository institutions.
    (b) Report.--The Board of Governors of the Federal Reserve System 
shall submit to Congress a report that contains all findings and 
determinations made in carrying out the study and the quantitative 
impact analysis required under subsection (a).
    (c) Requirement To Consider Results of Report Before Finalizing Reg 
II Proposed Rule.--The Board of Governors of the Federal Reserve System 
may not finalize the Reg II proposed rule until--
            (1) the date on which the report required under subsection 
        (b) is issued; and
            (2) considering the results contained in the report 
        required under subsection (b); and
            (3) taking into account--
                    (A) the effect of the Reg II proposed rule on the 
                capital and earnings of depository institutions; and
                    (B) whether the Board of Governors can determine 
                that interchange fee caps provide net benefits to low- 
                and moderate-income and underserved customers.
                                 <all>
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