rssSenate Shoots Down Rate Caps on Credit Cards
Wednesday, May 13, 2009 at 6:05 pm
- 18 Comments
To no one’s surprise, the Senate on Wednesday killed a proposal to cap credit card rates at 15 percent. The count was 33 to 60 on a procedural vote to allow the bill to proceed.
Sen. Bernie Sanders (I-Vt.), who sponsored the amendment, said the proposal would “end usury in the United States of America.”
“This amendment is very simple,” Sanders said just before the vote. “It says that now, when the American taxpayer is spending hundreds of billions of dollars bailing out Wall Street, they should not be lending the American people their own money at usurious rates.”
Afterward, Sen. Chris Dodd (D-Conn.) speculated that the measure failed, not because lawmakers oppose the concept, but because they thought that 15 percent was too low a cap. Dodd vowed to offer a separate amendment asking federal regulators “to give us a comprehensive review of what national rates there ought to be.”
“I don’t think we’re going to resolve that matter on this bill,” Dodd said. “But we ought to have some clear idea as to how we can put some restraints on national usury laws.”
18 Comments
Comment posted May 13, 2009 @ 4:17 pm
i like Bernie, to bad we don't have a few more like him.
Pingback posted May 13, 2009 @ 6:42 pm
[...] in Business, Congress at 3:41 pm by LeisureGuy Interesting report by Mike Lillis: To no one’s surprise, the Senate on Wednesday killed a proposal to cap credit card rates at 15 [...]
Pingback posted May 13, 2009 @ 6:51 pm
[...] more here: The Washington Independent » Se&#… Share and [...]
Pingback posted May 13, 2009 @ 7:05 pm
[...] To no one’s surprise, the Senate on Wednesday killed a proposal to cap credit card rates at 15 percent. The count was 33 to 60 on a procedural vote to allow the bill to proceed. Sen. Bernie Sanders (D-Vt.), who sponsored the amendment, said the … Go to Source [...]
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Comment posted May 13, 2009 @ 6:18 pm
I agree with you Christopher, Bernie is a Senator who has a caring heart for the Working class of this Country and I also wish we had more like him in this Country. My message to Bernie, keep on struggling your efforts are being noticed. Thanks Senator Bernie.
Pingback posted May 13, 2009 @ 10:08 pm
[...] the original post: The Washington Independent » Senate… Share and [...]
Comment posted May 13, 2009 @ 11:17 pm
i like Bernie, to bad we don't have a few more like him.
Comment posted May 14, 2009 @ 1:18 am
I agree with you Christopher, Bernie is a Senator who has a caring heart for the Working class of this Country and I also wish we had more like him in this Country. My message to Bernie, keep on struggling your efforts are being noticed. Thanks Senator Bernie.
Pingback posted May 14, 2009 @ 10:35 am
[...] the American people their own money at usurious rates.” Afterward, Sen. Chris Dodd (D-Conn. [...]Netbook sales slow, and the return rate can be high—but how are … Netbook sales fell by 21 [...]
Pingback posted May 14, 2009 @ 10:43 pm
[...] To no one’s surprise, the Senate on Wednesday killed a proposal to cap credit card rates at 15 percent. The count was 33 to 60 on a procedural vote to allow the bill to proceed. Sen. Bernie Sanders (D-Vt.), who sponsored the amendment, … Go to Source [...]
Pingback posted May 14, 2009 @ 10:44 pm
[...] Go to Source [...]
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Comment posted December 1, 2009 @ 3:25 am
Wow! I can't believe he said that! This just makes me so livid with anger!
Comment posted February 1, 2010 @ 9:09 am
This is really very excited news regarding to credit card.
Comment posted March 2, 2010 @ 6:59 am
houh. whats next..where is my cc
Comment posted March 2, 2010 @ 11:59 am
houh. whats next..where is my cc
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