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Senate panel passes bill limiting credit-card rates

March 31, 2009

Consumers Union applauds Senate panel passage
of bill limiting credit-card rates

WASHINGTON – In response to the Senate Banking Committee’s passage of the Senate credit card reform bill, which creates new restrictions on credit-card interest rates and provides consumer protections for gift cards, Pam Banks, Policy Counsel for Consumers Union issued the following statement:
“Today’s passage of the Senate Credit care reform bill is a huge victory for American families and consumers. Not only does the bill put a stop to credit card practices that are misleading and abusive, but the bill prohibits big business from imposing unreasonable expiration dates and fees on gift cards. Given today’s important win and the House bill that’s up for a subcommittee vote tomorrow, we’re sensing a real momentum for real reform.”
David Butler, Consumers Union, 202-462-6262

Consumers Union, publisher of Consumer Reports, is an independent, nonprofit testing and information organization serving the consumer. We are a comprehensive source of unbiased advice about products and services, personal finance, health, nutrition, and other consumer concerns. Since 1936, our mission has been to test products, inform the public, and protect consumers