Senate Rejects Credit Card Interest Rate Measure

WASHINGTON (AP) - The Senate has rejected a proposal aimed at lowering credit card rates by making banks and other card issuers abide by state interest rate caps.

The measure failed 60-35.

Democratic Sen. Sheldon Whitehouse of Rhode Island offered the amendment to a broad financial regulation bill that is making its way through the Senate.

The amendment would have barred financial institutions from charging interest rates based on what is allowed in the states where they are headquartered.

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  • by Raymond Eddins Location: Dothan on May 20, 2010 at 01:36 PM
    It would be very useful to have a list of how our U.S. representatives voted on this bill. When it is time to re-elect or dump our representatives, the voters need to be familiar with voting records, and why they voted that way.
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