Senate approves legislation restricting credit card practices

The Senate voted 90-5 to approve legislation that would curtail the ability of credit card issuers to charge fees and boost interest rates. Now, lawmakers will work to reconcile the Senate and House versions of the legislation. The industry has argued that the changes will have unintended consequences. Scott Talbott, senior vice president of government affairs at the Financial Services Roundtable, said as much as $2 billion in available credit could disappear. "The bill designed to protect consumers will actually harm them by limiting credit and increasing the cost to everyone else," Mr. Talbott explained.

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