Senate Passes Bill Cracking Down On Credit Card Companies
Updated 1:14 pm with vote tally.
Moments ago, the Senate passed a bill, 90-5, sponsored by banking committee chairman Chris Dodd (D-Conn.) that would place new restrictions on credit card companies, which Dodd says will benefit consumers.
Voting against the bill were Sens. Lamar Alexander (R-Tenn.), Tim Johnson (D-S.D.), Jon Kyle (R-Ariz.), Robert Bennett (R-Utah) and John Thune (R-S.D.).
The bill prohibits credit card issuers from, among other things, retroactively raising interest rates on bills unless they are more than 60 days past due. You can read some more provisions of the bill here.
The House has already passed its version of the bill, and the two will be reconciled in committee before being sent to President Obama, who has called for restrictions on credit card companies.
The vote marked a landmark for Sen. Carl Levin (D-Mich.). "I can't think of a better vote for my 11,000th vote," Levin said.
The Senate added an amendment to the bill allowing firearms in national parks and recreation areas.
Posted by: garrafa10 | May 19, 2009 1:21 PM | Report abuse
Posted by: schumaj3 | May 19, 2009 1:56 PM | Report abuse
Posted by: Ogredaddy | May 19, 2009 6:04 PM | Report abuse
The comments to this entry are closed.