The Fed’s delay comes as members of both the House and Senate are beginning to debate bills that could delay a final rule for as long as two years.WASHINGTON – Federal Reserve Chairman Ben Bernanke notified Congress this afternoon that the Fed will not be able to meet an April 21 deadline for approving a final rule on debit fees, but said it still expects to meet a July 21 implementation deadline.
The Fed Chairman told House Financial Services Chairman Spencer Bachus of Alabama in a letter the complexity of the rule combined with sorting through more than 11,000 public comments on the proposal makes it impossible to finalize a rule by April 21, the deadline mandated in last year’s Wall Street reform bill. The bill also mandates a July 21 implementation deadline.
The Fed’s delay comes as members of both the House and Senate are beginning to debate bills that could delay a final rule for as long as two years.
