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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