The wrath of Dodd
July 10, 2009 | alternatives, federal legislation, industry | Comments (2)The Chairman of the Senate Banking Committee is unhappy about the recent credit card rate hikes. From the story:
Christopher Dodd, a Democrat from Connecticut, said he has been disturbed by recent reports that credit card companies are trying to raise rates on customers’ existing balances before a new law limiting that practice goes into effect next year.
In a letter to Federal Reserve Chairman Ben Bernanke and other regulators, Dodd asked that they draft and enforce rules that will make credit card companies follow through on a provision of the new law designed to prevent such rate hikes before the law starts affecting the companies.
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If Peter Schiff the famous economist runs against Dodd in Connecticut then Dodd might as well start boxing up the items in his office right now!
Why wouldn’t they have included this in the original bill? Suddenly, there is a conscience about this? Common sense would dictate that credit card companies will try to get away with whatever they can, while they can. If they really cared about their constituents, they would’ve considered that when they drafted the legislation.