Wednesday, May 20, 2009

Congress Passes Landmark Credit Card Reform

The overwhelming vote is a signal of how far the country's politics have shifted as a result of the financial crisis. Despite popularity in the 90-percent range, the bill never had a chance of passing in previous years.

"I've been in Washington twenty years. For the first nineteen we couldn't even get a committee vote on credit card reform despite these practices," remarked PIRG's Ed Mierzwinski.

Despite the shifting political terrain, Congress was unable earlier to win a similar victory over the banking lobby, which blocked a measure aimed at reducing foreclosures by allowing homeowners to renegotiate mortgages in bankruptcy.


Good!

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