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Tester To Shorten Time Frame For Studying Interchange Impact

Posted on 5/19/2011

Sen. Jon Tester (D-Mont.) said yesterday on the Senate floor that he and Sen. Bob Corker (R-Tenn.) will change the time line of their stop-and-study interchange bill (S. 575) from a 24-month delay to a 15-month delay.

Tester explained that some Senate colleagues believe a two-year delay is too long, and he is adjusting the legislation to address those concerns. The 15-month delay, he said, would provide the agencies with six-months to study the effects of the Federal Reserve's interchange proposal, give the Fed six months to re-write the rules using that study, and allow three months to implement the final rules.

"Fifteen months is the bare minimum to get this study right. And we want to get it right," Tester said. "For me, stopping and studying the unintended consequences of government price-fixing has everything to do with access to capital for small businesses and consumers in rural America."

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