Tuesday, May 19, 2009

Senate Passes Credit Card Reform Bill


Next, reconciling House and Senate bills:
The Senate today overwhelmingly passed a bill that would sharply curtail credit card issuers' ability to raise interest rates and charge fees, taking a critical step in reforming an industry that has gone largely unregulated for decades.

In a 90-5 vote, the Senate delivered a victory to consumer groups and to the White House, who blame industry practices for sending Americans deeper into debt just as they are losing their jobs and their homes.

Lawmakers will now turn to reconciling differences with a similar bill passed by the House on April 30. President Obama has said he wants to sign a bill into law by Memorial Day. WaPo

Apparently, the senate bill has a string attached.