In the Black

Congress Passes Credit Card Reform

Congress has passed President Obama's sweeping credit card reform bill, after a 361-64 House vote on Wednesday and 90-5 Senate vote on Tuesday. The bill adds protections for debt-stricken credit card users, including limiting credit company's hidden charges and fees and restricting the ability of people under the age of 21 to acquire credit cards. The banking industry opposed the bill, arguing that it would limit credit at a time when consumers need it most. However Senator Christopher Dodd (D-CT), chairman of the Banking Committee said the bill is a landmark success for consumers: "Many Americans depend on credit cards to get by in this eceonomy, and today they have won a giant victory that ensures they are protected from practices that would drive them further into debt, while also making our economy stronger." White House Press Secretary Robert Gibbs said President Obama will sign the bill as soon as he can.