Update: New Proposed Legislation on 401(k) Debit Cards By About Cash Flow Editor | 19 July, 2008 - 12:07 am |7 August, 2014 Personal Finance Interviews with Senator Charles E. Schumer, who introduced legislation to outlaw using debit cards in tandem with 401(k)s, and Bruce R. Bent, chairman of Reserve Solutions’s parent company. More: continued here Bookmark the permalink.