Senate approves legislation restricting credit card practices

05/20/2009 | Washington Post (tiered subscription model), The

The Senate voted 90 to 5 to approve legislation that would curtail the ability of credit card issuers to charge fees and boost interest rates. Lawmakers will work to reconcile the Senate and House versions of the legislation. The industry argued that the changes would have unintended consequences, such as a reduction in available credit.

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Washington Post (tiered subscription model), The

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