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Thread: Senate rejects limit on credit card interest rates

  1. #1
    Elite Member witchcurlgirl's Avatar
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    Default Senate rejects limit on credit card interest rates

    Senate Rejects Limit on Credit-Card Interest Rates

    Despite complaints that banks and credit card companies are gouging customers by charging outrageous interest rates, the Senate on Wednesday easily turned back an effort to cap interest rates at 15 percent.

    The effort by Senator Bernie Sanders, the Vermont independent, drew only 33 votes and needed 60, with a bipartisan group of 60 senators opposing it as the Senate pushed its credit card overhaul toward the finish line. Some Democrats and consumer groups have said that an interest cap is needed to put real teeth into an otherwise solid bill.

    Other backers of the measure calculated that an interest rate ceiling would doom the popular legislation. The banking industry, which had some heavy-weight representatives monitoring the vote off of the Senate floor, warned that an interest rate limit could cause a sour reaction in the financial markets.

    But Mr. Sanders said the card companies and banks were engaged in conduct that could get others hauled into court. He said one-third of all credit card holders are paying interest above 20 percent and as high as 41 percent.

    “When banks are charging 30 percent interest rates, they are not making credit available,” said Mr. Sanders, who noted credit unions are limited to 15 percent. “They are engaged in loan-sharking.”

    After the effort failed, Senator Christopher J. Dodd of Connecticut, the Democratic chairman of the banking committee, proposed that the Federal Reserve be asked to provide an analysis of how Congress could rein in interest rates.

    Senators said they hoped to finish up the credit card bill as early as Thursday, coinciding with a town hall meeting by President Obama on credit card issues in New Mexico.


    Senate Rejects Limit on Credit-Card Interest Rates - The Caucus Blog - NYTimes.com

    The Roll Call:
    U.S. Senate: Legislation & Records Home > Votes > Roll Call Vote
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    Elite Member greysfang's Avatar
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    I see the lobbyists have been working overtime this week.
    FUCK YOU AND GIVE ME MY GODDAMN VENTI TWO PUMP LIGHT WHIP MOCHA YOU COCKSUCKING WHORE BEFORE I PUNCH YOU IN THE MOUTH. I just get unpleasant in my car. - Deej

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    That's fucking disgusting.

    Especially now to take advantage of people. Fucking fuckers, I fucking hate them.

  4. #4
    Elite Member Grimmlok's Avatar
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    change you can believe in! cuz it's in your pocket, and all you have left.
    I am from the American CIA and I have a radio in my head. I am going to kill you.

  5. #5
    Elite Member Fluffy's Avatar
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    Fuckers.

  6. #6
    Elite Member Beeyotch's Avatar
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    ^My sentiments exactly.

  7. #7
    Elite Member greysfang's Avatar
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    Alabama:Sessions (R-AL), Nay Shelby (R-AL), Nay
    Alaska:Begich (D-AK), Yea Murkowski (R-AK), Nay
    Arizona:Kyl (R-AZ), Nay McCain (R-AZ), Nay
    Arkansas:Lincoln (D-AR), Nay Pryor (D-AR), Nay
    California:Boxer (D-CA), Yea Feinstein (D-CA), Yea
    Colorado:Bennet (D-CO), Yea Udall (D-CO), Yea
    Connecticut:Dodd (D-CT), Yea Lieberman (ID-CT), Nay
    Delaware:Carper (D-DE), Nay Kaufman (D-DE), Nay
    Florida:Martinez (R-FL), Nay Nelson (D-FL), Nay
    Georgia:Chambliss (R-GA), Nay Isakson (R-GA), Nay
    Hawaii:Akaka (D-HI), Nay Inouye (D-HI), Yea
    Idaho:Crapo (R-ID), Nay Risch (R-ID), Nay
    Illinois:Burris (D-IL), Yea Durbin (D-IL), Yea
    Indiana:Bayh (D-IN), Nay Lugar (R-IN), Nay
    Iowa:Grassley (R-IA), Yea Harkin (D-IA), Yea
    Kansas:Brownback (R-KS), NayRoberts (R-KS), Nay
    Kentucky:Bunning (R-KY), Nay McConnell (R-KY), Nay
    Louisiana:Landrieu (D-LA), Nay Vitter (R-LA), Nay
    Maine:Collins (R-ME), NaySnowe (R-ME), Nay
    Maryland:Cardin (D-MD), Yea Mikulski (D-MD), Not Voting
    Massachusetts:Kennedy (D-MA), Not Voting Kerry (D-MA), Yea
    Michigan:Levin (D-MI), YeaS tabenow (D-MI), Nay
    Minnesota:Klobuchar (D-MN), Yea
    Mississippi:Cochran (R-MS), Nay Wicker (R-MS), Nay
    Missouri:Bond (R-MO), Nay McCaskill (D-MO), Yea
    Montana:Baucus (D-MT), Nay Tester (D-MT), Nay
    Nebraska:Johanns (R-NE), Nay Nelson (D-NE), Nay
    Nevada:Ensign (R-NV), Nay Reid (D-NV), Yea
    New Hampshire:Gregg (R-NH), Nay Shaheen (D-NH), Nay
    New Jersey:Lautenberg (D-NJ), Yea Menendez (D-NJ), Yea
    New Mexico:Bingaman (D-NM), Nay Udall (D-NM), Yea
    New York:Gillibrand (D-NY), Yea Schumer (D-NY), Yea
    North Carolina:Burr (R-NC), Nay Hagan (D-NC), Nay
    North Dakota:Conrad (D-ND), Yea Dorgan (D-ND), Yea
    Ohio:Brown (D-OH), Yea Voinovich (R-OH), Not Voting
    Oklahoma:Coburn (R-OK), Nay Inhofe (R-OK), Nay
    Oregon:Merkley (D-OR), Yea Wyden (D-OR), Yea
    Pennsylvania:Casey (D-PA), Yea Specter (D-PA), Nay
    Rhode Island:Reed (D-RI), Yea Whitehouse (D-RI), Not Voting
    South Carolina:DeMint (R-SC), Nay Graham (R-SC), Nay
    South Dakota:Johnson (D-SD), Nay Thune (R-SD), Nay
    Tennessee:Alexander (R-TN), Nay Corker (R-TN), Nay
    Texas:Cornyn (R-TX), Nay Hutchison (R-TX), Nay
    Utah:Bennett (R-UT), Nay Hatch (R-UT), Nay
    Vermont:Leahy (D-VT), Not Voting Sanders (I-VT), Yea
    Virginia:Warner (D-VA), Nay Webb (D-VA), Yea
    Washington:Cantwell (D-WA), Nay Murray (D-WA), Nay
    West Virginia:Byrd (D-WV), Nay Rockefeller (D-WV), Not Voting
    Wisconsin:Feingold (D-WI), Yea Kohl (D-WI), Yea
    Wyoming:Barrasso (R-WY), Nay Enzi (R-WY), Nay
    Ladies and gentlemen, I urge you to write your rep.
    FUCK YOU AND GIVE ME MY GODDAMN VENTI TWO PUMP LIGHT WHIP MOCHA YOU COCKSUCKING WHORE BEFORE I PUNCH YOU IN THE MOUTH. I just get unpleasant in my car. - Deej

    http://www.gossiprocks.com/forum/signaturepics/sigpic4098_9.gif Healthy is merely the slowest possible rate at which one can die.

  8. #8
    Elite Member Quazar's Avatar
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    How could anyone justify not voting yea for this??? I'd like to hear their answers.

    One of the few times I can say I'm proud of NJ.

  9. #9
    Elite Member McJag's Avatar
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    I'd like to know just how much interest every damn one pays on their credit cards. I'll bet nothing. This should be made public!
    I didn't start out to collect diamonds, but somehow they just kept piling up.-Mae West

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    Elite Member Brookie's Avatar
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    Wondering what their justification is for voting this down. Wouldn't it be great if they voted it down because they all want the limit to be 5% or 10%? Slim chance. Yep.

  11. #11
    Elite Member kingcap72's Avatar
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    Quote Originally Posted by Quazar View Post
    How could anyone justify not voting yea for this??? I'd like to hear their answers.

    One of the few times I can say I'm proud of NJ.
    Same here. At least the N.J. reps voted the right way.

  12. #12
    Elite Member Mivvi21's Avatar
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    At least Illinois reps voted the way they should have,and that's saying a lot for this corrupt as hell state.

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    Quote Originally Posted by Brookie View Post
    Wondering what their justification is for voting this down. Wouldn't it be great if they voted it down because they all want the limit to be 5% or 10%? Slim chance. Yep.
    I'm thinking that the limit should be tied to the prime rate or something. Like prime plus 5%. If heaven forbid, we should go into double digit interest rates like we did in the 70's, a 15% cap would hurt the banks because they may potentially be paying more interest on deposits than earning interest on credit cards. It's highly unlikely but it has to be considered.

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    Elite Member RevellingInSane's Avatar
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    I am not suprised those gangsters Cochran and Wicker voted to let the banks, which they are heavily tied to in Mississippi, continue to bend over all their customers and not even offer to use lube.

    Bastards.



  15. #15
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    And the hits just keep coming. Score another one for the Oligarchy.

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