White House Presses For Senate Passage Of Credit Card Bill

White House Presses For Senate Passage Of Credit Card Bill; The Washington Post

The Senate and White House worked feverishly yesterday to ensure passage of a bill that would prohibit many unpopular credit card industry practices, including arbitrary interest rate increases.

Senators debated at least 21 amendments to a bill authored by Banking Committee Chairman Christopher J. Dodd (D-Conn.). One amendment that would have capped interest rates at 15 percent was killed late in the day. ...

Analysts and lawmakers said they expect the Senate bill to pass, especially because Dodd had reached a compromise over the weekend with Sen. Richard C. Shelby (Ala.), the senior Republican on the banking committee. ...