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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.
Lobbyists and congressional aides said a vote could come as early as today, but acknowledged that the introduction of so many amendments was slowing down the process.
Nonetheless, President Obama continued to push for a bill to reach his desk for signing by Memorial Day, ordering his top economic aides yesterday to make an aggressive, 24-hour push for passage of a bill. White House advisers Austan Goolsbee, Jared Bernstein and Melody Barnes gave multiple radio interviews and called financial editors and columnists at newspapers around the country to make their case.
The president was also planning to focus on credit reform at a town hall meeting in Albuquerque this morning. Aides said he will be introduced by a local resident struggling with credit card debt, and that the audience will include several dozen others in similar situations who wrote letters to him.
The movement to reform the industry has gained momentum in recent weeks as card issuers raised customers' interest rates to make up for lost revenue. Americans complained that the very banks that were penalizing them, sometimes even when they had made their payments on time
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Ahorre May 15, 2009 10:16 AM
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