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Sunday, May 20, 2012

House passed Senate version of credit card holders' 'bill of rights'
Meagan McElroy at 12:00 AM ET

On May 20, 2009, the US House of Representatives voted 361-64 in favor the Credit Card Holders' Bill of Rights, which makes illegal, among other prohibitions, arbitrarily raising interest rates, employing misleading terms and charging exorbitant fees to on-time payments. The version passed by the House had been previously passed by the Senate 90-5. Speaker of the House Nancy Pelosi called the bill historic, but rebuked the Senate for "wasting time" by allowing Senator Tom Coburn's amendment to the bill allowing visitors to carry firearms into National Parks.

Learn more about financial reform from the JURIST news archive.




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