Bernanke Says Fed Won't Meet Interchange Deadline

On March 29, 2011, Federal Reserve Chairman Ben S. Bernanke told members of the Financial Services Committee the central bank won't be able to meet its congressional deadline of April 21 for issuing final rules limiting debit card 'swipe' fees.

Citing an "extraordinary" number of public comments received on the proposed rule, Bernanke notes the central bank need additional time to review these comments and implications before drafting the final rule.

Read the letters here:

Bernanke to Bachus & Frank – March 29, 2011

Bernanke to Johnson & Shelby – March 29, 2011