WASHINGTON, D.C. – Congressman Barney Frank today announced that he would support legislative action to postpone the deadline for the Federal Reserve to issue a rule on interchange fees.  Frank’s statement, which appears below, is in response to the recent announcement by the Fed that it would not be able to meet the deadline of April 21st.

“The Federal Reserve’s announcement that they cannot meet the deadline on interchange fees confirms my view that this is the only part of the financial reform bill that needs to be amended. For this reason, I support legislative action to postpone the deadline so that we can revisit it.”

The deadline was created through an amendment introduced by Sen. Richard Durbin (D-IL) to the Dodd-Frank Wall Street Reform and Consumer Protection Act that instructed the Fed to issue a ruling by April 21st and the rule be implemented by July 21st.