Network News

X My Profile
View More Activity
2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

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.

-- Frank Ahrens
Sign up to get The Ticker on Twitter

By Frank Ahrens  |  May 19, 2009; 1:14 PM ET
Categories:  The Ticker  | Tags: Chris Dodd, credit cards  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz   Previous: Geithner Names Deputy at Treasury
Next: May 19, 2009

Comments

"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.)."

What a precious group of supporters of the continual fleecing of the American consumer. This scum should have their property expropriated and their families thrown into the streets to beg for subsistence.

Posted by: garrafa10 | May 19, 2009 1:21 PM | Report abuse

"This scum should have their property expropriated and their families thrown into the streets to beg for subsistence."

What? I can't believe what I'm reading in the comment above. Senators and Representatives in the United States Congress are allowed to vote either "Yea" or "Nay". They have a choice. Bill-passing doesn't have to be unanimous, at least in the America I know. Instead of seizing their properties and dragging them on the streets to beg (you are referring to American politicians, not communist countries, right?), you have the more humane (and legal) right to vote them out of elected office the next time around. Please, if this is not the United States of America we're talking about, let me know.

Posted by: schumaj3 | May 19, 2009 1:56 PM | Report abuse


The votes from South Dakota should be thrown out due to conflict of interest. South Dakota has the weakest usury
laws in the country and that is why many credit card companies are headquartered there.

It's plain to see that the banking lobby used deep pockets
of influence to prevent a cap on interest rates, siting risk.

Why not kick people when they're down raising rates which clearly put the consumer at much greater risk.

Adding the right to carry concealed weapons in a national park, how shameful!!

What is wrong with these so called public servants?

It is time to insist on new regulations either permitting
a line item veto or making it really simple by drafting new
legislation requiring each bill before congress to cover only ONE SUBJECT, ONE VOTE, YES OR NO!

I hope President Obama vetos this bill until the gun provision is scrapped and the bill provides stronger anti-usury restrictions on interest rates.


Posted by: Ogredaddy | May 19, 2009 6:04 PM | Report abuse

The comments to this entry are closed.

 
 
RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company