An attempt to freeze credit card rates and fees until more strict regulations take effect in February died Wednesday in the Senate when Republicans blocked an attempt to speed the bill through“The last thing our families need are higher interest rates and extra fees, especially on consumers who are already playing by the rules,” Sen. Mark Udall, D-Colo., said in urging his colleagues to approve a unanimous consent request that would have allowed an immediate vote on the bill.
But Sen. Thad Cochran, R-Miss., objected “on behalf of several senators on this side of the aisle,” killing the request.
Udall and Rep. Betsy Markey, D-Fort Collins, had been among the congressional leaders trying to push through a freeze on credit card rates and fees until the provisions of the Credit Card Accountability, Responsibility and Disclosure Act passed earlier this year take full effect in February 2010.
The House passed a version of the bill earlier this month, but Wednesday’s Senate action was the death knell for the freeze effort.More“The last thing our families need are higher interest rates and extra fees, especially on consumers who are already playing by the rules,” Sen. Mark Udall, D-Colo., said in urging his colleagues to approve a unanimous consent request that would have allowed an immediate vote on the bill.
But Sen. Thad Cochran, R-Miss., objected “on behalf of several senators on this side of the aisle,” killing the request.
Udall and Rep. Betsy Markey, D-Fort Collins, had been among the congressional leaders trying to push through a freeze on credit card rates and fees until the provisions of the Credit Card Accountability, Responsibility and Disclosure Act passed earlier this year take full effect in February 2010.
More.“The last thing our families need are higher interest rates and extra fees, especially on consumers who are already playing
Credit card Rate Freeze killed
0 comments:
Post a Comment