WASHINGTON, D.C. — The U.S. House voted this week to expedite credit-card consumer protections, which President Obama signed into law earlier this year, after credit card companies began raising interest rates in advance of the legislation’s start date.
“Unfortunately, some credit card companies have abused the time that was given them to convert their computer software to meet the requirements of the law, to make last-minute rate hikes to bilk consumers of as much as they can before the law we passed kicks into gear,” Rep. Keith Ellison, D-Minn., said in a statement.
The original legislation was slated to take effect in Feb. 2010. The expedited act that passed this week would have those reforms take effect upon signing of the new bill.
Minnesota Democratic Reps. Tim Walz, Collin Peterson, and Jim Oberstar and Minnesota Republican Rep. Erik Paulsen joined Ellison in voting for the measure.
Minnesota Republican Reps. Michele Bachmann and John Kline voted against it.
Rep. Betty McCollum, D-Minn., was “unavoidably detained when the final vote was taken” but submitted a statement for the record expressing her strong support of the legislation, which she co-sponsored.
“Had I been present, I would have voted in favor of passage,” McCollum said in the statement.
Go here to read more about the bill.