May 19th, 2009
01:29 PM ET
11 months ago

Senate votes 90-5 to OK credit card curbs

The Senate voted to make it more difficult for credit card companies to raise rates and fees.
The Senate voted to make it more difficult for credit card companies to raise rates and fees.

NEW YORK (CNNMoney.com) - The Senate on Tuesday voted 90-5 to approve a bill that will make it tougher for credit card issuers to raise fees and interest rates starting early next year.

The bill includes an unrelated measure that would allow people to carry concealed weapons into national parks.

The bill will now go to the House, which is expected to take it up on Wednesday and pass it before the weekend. The bill would get to President Obama's desk before Memorial Day, as he called for.

"This is a good moment for our country and a good moment for consumers," said Sen. Chris Dodd, D-Conn.

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Filed under: Chris Dodd • Senate
soundoff (57 Responses)
  1. joe smith

    didn't see the limitations, but if they allowed the card companies to charge more than 12%, then the American people got a real bad deal. moreover, the secondery lenders, HFC,Beneficial, to name a few, should be called on the carpet for engaging in gouging interest rates, that are equivileant to a loan shark, but does any of our fine senators/congressman address that hot potato..no, why..people paying 24%, that in America is unconsciencable, these companies need to be reigned in , and put under careful watching..

    May 19, 2009 03:06 pm at 3:06 pm |
  2. Steve, Columbia SC

    Dodd is praying for all the good moments he can get after he totally screwed up in the economy and finance arena with executive bonuses................you just can't trust Senator Dodd.............and his constituents are wising up.

    May 19, 2009 03:07 pm at 3:07 pm |
  3. Eleanor

    Well thank gawd!!! But I'll bet anyone $5 bucks that it hasn't got nearly the TEETH it ought to have. Our Congress is clearly bought and paid for, so really what else can the public expect?

    May 19, 2009 03:08 pm at 3:08 pm |
  4. Langston

    This is the entrance this administration needs to obtain control of these run-away financial businesses. Chrysler was first, GM will soon follow suit and now the credit companies and soon, more banks. It is time we break free from the chains with which these oppressive institutions bind us. It is time for people to realize that, left to our own devices, we will crumble under the weight of greed that this system of government promotes. Too long have the strength of the workers in this country been crippled by the greed inherent in the system. President Obama will lead us to the promise of a classless society!

    May 19, 2009 03:10 pm at 3:10 pm |
  5. Peter (CA)

    What does carrying a gun into a national park have to do with the credit card issue?
    But what can you expect from the right wing whack jobs.

    May 19, 2009 03:15 pm at 3:15 pm |
  6. rlkidd

    When wall street thieves need a bailout Washington cuts a check right away.

    When taxpayers need some relief it is some time next year.

    May 19, 2009 03:15 pm at 3:15 pm |
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