U.S. House acts to protect credit card users
ByWASHINGTON (Reuters) – The U.S. House of Representatives overwhelmingly voted on Thursday in favor of legislation to protect credit card users from hidden fees, sudden interest rate hikes and questionable billing practices.
The chamber voted 357 to 70 in support of the Credit Cardholders’ Bill of Rights, sponsored by New York Democrat Carolyn Maloney. This year, 107 Republicans voted in favor of the bill, compared with 84 Republicans voting for a similar bill last year.
“Today, the House sent a message to the American public that responsible regulation is part of the new era of financial responsibility,” Maloney said.
Banks, which opposed legislation, have warned it could reduce the amount of credit available and make it more costly to use a credit card.
