House votes to rein in credit-card fees, interest rates

[babylonsister]

House votes to rein in credit-card fees, interest rates
By Tony Pugh | McClatchy Newspapers


WASHINGTON — Over the objection of the White House, the House of Representatives on Tuesday overwhelmingly passed legislation to curb what its sponsors regard as abuses and unfair practices in the credit-card industry.

By a vote of 312-112, The Credit Cardholders Bill of Rights Act sailed through the House amid a new political climate of increased regulation and oversight of the credit and finance industry.

However, the legislation faces an unclear future in the Senate, where members are focused on crafting and passing the financial bailout. The White House is seeking quick passage of the Wall Street rescue measure before Congress adjourns on Friday, which would make action on the credit-card legislation unlikely in the near future.

Travis Plunkett, legislative director of the Consumer Federation of America, said he hasn't given up hope, however.

"We urge the Senate to include credit-card reform as part of legislation it passes to rescue banking firms," Plunkett said. "Cash-strapped consumers shouldn't continue to be gouged by excessive credit-card rates and fees by many of the same financial institutions that will benefit from the bailout."

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http://www.mcclatchydc.com/251/story/52977.html

[ColbertWatcher]

1. We're half way there, the House did their job.

Maybe we should start threatening votes on senators running for reelection.