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May 14, 2009

Senate Defeats Proposal to Cap Credit Card Rates
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The Senate has defeated an amendment that would have capped credit card
interest rates at 15 percent. Independent Senator Bernie Sanders tried
to include the measure in a bill imposing new regulation on the credit
card industry. Democratic lawmakers have vowed to protect consumers and
crack down on the credit card companies’ abusive practices. But Sanders’
proposal drew just thirty-three votes, with a bipartisan group of sixty
senators voting against. Sanders said, “When banks are charging 30
percent interest rates, they are not making credit available. They’re
engaged in loan-sharking.”



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