On to the Senate!
The House rapidly passed the Credit Cardholders Bill of Rights Act of 2009 just yesterday in a 357 -70 vote (don't you wonder who the 70 are?) This bill, strongly supported by President Obama and sponsored by Rep. Carolyn Maloney, D-N.Y. who has been pushing the legislation for a long time, now goes to the Senate.
If you recall, the Federal Reserve Board has issued even stronger rules for credit card issuers but the legislation does not go into effect until next year.
The bills take aim at some of the more outrageous practices by issuers - most notably - contracts that can be changed at whim - but only by one party - the card issuer. Not my kind of party, and not much of a contract.
The 70 holdout votes keep touting the industry line - consumer protection legislation will further clamp down on the available credit. Consider the median "allowable" penalty interest rate was 27.99 percent per year...do we really NEED that kind of credit?
Click here for a complete text of H.R.627 - The Credit Cardholders Bill of Rights Act. Thanks Maloney!