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Ja Ccwerecommend Credit Card We Recommend Lv News Literature Credit Card We Recommend Senate Rejects Limit on Credit-Card Interest Rates - NYTimes.com

Ja Ccwerecommend Credit Card We Recommend Lv News Literature Credit Card We Recommend

toward the finish line. Some Democrats and consumer groups have said that an interest cap is needed to put real teeth into an otherwise solid bill.

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But Mr. Sanders said the card companies and banks were engaged in conduct that could get others hauled into court. He said one-third of all credit card holders are paying interest above 20 percent and as high as 41 percent.

“When banks are charging 30 percent interest rates, they are not making credit available,” said Mr. Sanders, who noted credit unions are limited to 15 percent. “They are engaged in loan-sharking.”

After the effort failed, Senator Christopher J. Dodd of Connecticut, the Democratic chairman of the banking committee, proposed that the Federal Reserve be asked to provide an analysis of how Congress could rein in interest rates.

Senators said they hoped to finish up the credit card bill as early as Thursday, coinciding with a town hall meeting by President Obama on credit card issues in New Mexico.

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  1. 1. May 13, 2009 6:08 pm Link

    Can we please see a roll call of the yeas and neas?

    — c eisenhart
  2. 2. May 13, 2009 6:10 pm Link

    The Finance, Insurance, and Real Estate (FIRE) interests own our political system. They own both parties, including the white houses run by both parties. They own the courts too. Thus, our GDP is comprised of whatever bubbles these nefarious interests can concoct, and wealth is concentrated in their greedy hands. A tragically high number of our politicians go from the halls of Congress to lobbying firms and vice versa to maintain this plutocracy’s hold on power. The credit crunch, health care, foreclosure, and energy crises are traceable to this sinister cabal and we bail them out when they drag us into ruin. We have the best system FIRE money can buy. It saddens and disgusts me.

    — Tietjens
  3. 3. May 13, 2009 6:22 pm Link

    Now this tragic. What exactly does anyone benefit from this other than banks and credit card companies?

    The Senate should be tarred and feathered over this.

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