Senator Chris Dodd takes on the credit card industry
This week may end with a new playbook for the credit card industry in America. President Obama summoned representatives from 14 banks that issue credit cards to the White House for talks today. But the legislative engine behind these changes is Senator Chris Dodd, Democrat from Connecticut, who has been pushing credit card regulation for a long time. He joins The Takeaway now to discuss the proposed changes to credit card accountability, responsibility and disclosure that he hopes to push through Congress. This bill would offer new consumer protections, including banning practices such as “any time, any reason” interest rate increases.
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