Arizona: Christoper J. Dodd

Posted by AzBlueMeanie:

The Senate on Tuesday voted overwhelmingly to impose tough new restrictions on the credit card industry, which had spent years successfully avoiding regulations. Senate approves tougher credit card rules in 90-5 vote

The bill bars firms from hiking interest rates on cardholders unless they are 60 days late in payment, bans “double-cycle billing” and seeks better notification for consumers. The bill goes a step further than rules the Federal Reserve issued in December, but that won't take effect until July 2010. The Senate bill would take effect nine months after it is signed into law.

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Five senators voted against the bill, including Republican Sens.