Credit card curbs near final showdown
ByFinal talks are underway in Senate on proposal targeting credit card fees and rates. House passed version of bill last week as Obama applies pressure.
By Jennifer Liberto, CNNMoney.com senior writer
WASHINGTON (CNNMoney.com) — A bill that targets credit card rate hikes and fees is headed for a final showdown in the Senate as key lawmakers negotiate a possible compromise measure.
The issue, which could go to the Senate floor this week, has grown increasingly popular, especially since President Obama and top White House advisers got involved in negotiations a few weeks ago.
“The president has created a strong impetus for immediate action,” said Travis Plunkett with the Consumer Federation of America.
Capitol Hill veterans say they expect the Senate to, at minimum, pass a bill that looks a lot like legislation that the House passed by a 357 to 70 vote last week. But the final shape of the bill depends on negotiations underway among key senators trying to reach a compromise.
