Tuesday, May 12, 2009

Senate Credit Card Meddling Deal Reached

Senate deal on credit card curbs; CNNMoney.com

Key Senate negotiators have reached a deal on legislation targeting credit card rates and fees, the lead Democratic senator on the issue said Monday.

The development could spur the bill to a Senate vote as soon as this week, but more fights remain in fully reconciling the Senate bill with an earlier version that passed the House.

A congressional crack down on credit card companies has grown increasingly popular. President Obama and top White House advisers got involved in negotiations a few weeks ago. Obama said Saturday he'd like to have the bill on his desk by Memorial Day.

The office of Sen. Chris Dodd, D-Conn., chairman of the Senate Banking Committee, released a summary of legislation Monday.

Comment: Congress did such a great job with the home mortgage regulations and most recently the banking bailout, I have no doubt they’ll do great job regulating the credit card industry too.

But rather than regulate the credit card companies, wouldn’t it be easier to regulate the amount of money a citizen could earn and save and then spend? That way we wouldn’t have any banking problems all. What sayth you Misters Dodd and Frank?

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