Credit Cardholders’ Bill of Rights draws bipartisan support

Last week, the House passed the Credit Cardholders’ Bill of Rights Act of 2009, which would create new protections for consumers facing excessive credit card fees, sky-high interest rates, and unfair, incomprehensible credit card company agreements. I voted in favor of the bill. In addition, the House passed with wide bipartisan support an amendment I wrote that would require credit card companies to have a 6-month minimum period for promotional rates, or “teaser” rates, which primarily target college students.

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