" Riding a crest of populist anger, the House on Thursday approved a bill to restrict credit card practices and eliminate sudden increases in interest rates and late fees that have entangled millions of consumers.The legislation, dubbed the Credit Card Holders' Bill of Rights, passed by a bipartisan vote of 357-70 following lobbying by President Obama and members of his administration."
Tiahrt was one of the few pro-business lackeys to vote against this reform. In the Kansas delegation, Democrat Dennis Moore and Republican Jerry Moran voted for the bill.
According to The Wichita Eagle:
"The measure would prohibit so-called double-cycle billing and retroactive rate hikes and would prevent companies from giving credit cards to anyone under 18.If they become law, the new provisions won't take effect for a year, except for a requirement that customers get 45 days' notice before their interest rates are increased. That would take effect in 90 days.
Similar legislation is before the Senate, where it could be taken up as early as next week."This is a unique opportunity to end abusive practices that afflict millions of families across the nation, to contribute to our economic recovery, and to take a stand for American consumers," Sen. Christopher Dodd, chairman of the Senate Banking Committee and the bill's primary sponsor, said after the House vote. "Now it is the Senate's turn to act."
Seeing your representative vote against your protection: He's USELESS!
