US Senate passes new credit card bill

21 May 2009

The US Senate yesterday passed a credit card reform bill with bipartisan support, that restricts card companies from charging unexplained fees, or raising charges without proper notice.

The bill was passed in the House by a margin of 361 to 64 yesterday, following its adoption by 90 to 5 in the Senate earlier in the week.

"This is a victory for every American consumer who has ever suffered at the hands of a credit card company," said senator Christopher Dodd, chairman of the Senate Banking Committee.

"It was abusive; it needed to stop. It needed to change," he added.

"Most consumers feel overmatched in dealing with the credit card company, but today the little guy won," senator Chuck Schumer pointed out.

US President Barack Obama was sent the credit card bill for his approval by the Congress, which he is expected to do next week. (See: Obama's pledge to curb sharp credit card practices gets bill moving in US Congress)