House backs credit card reform bill

Finally! Some progress!

By a vote of 312 to 112, the U.S. House has finally voted to pass the Credit Cardholders Bill of Rights Act - a bill that should've been passed ages ago. This Democratic bill is designed to stop greedy abuses like hiking interest rates on existing card balances and charging late fees on payments that were sent in a week before they were due.

Of course, this bill faces a less certain future in the ostensibly Democratic-led Senate, where legislators are more concerned with bailing out financial institutions. Needless to say, Bush is against the credit card reform bill. And he's the man who rules the world.

The Decider's excuse for opposing the bill is that it would hinder credit card companies' ability to set prices based on customers' supposed risk. BushSpeak to English translation: it'll deter credit card companies' power to practice price-gouging that hits less secure consumers harder (and helps keep them at the mercy of the elite). Gee, isn't it nice to know Bush is looking out for credit card corporations?

Now that the House has at least approved this bill, how about if they reverse the Republicans' bankruptcy "reform" law (which imposes indentured servitude) like they're s'posed?

(Source: http://www.mcclatchydc.com/251/story/52977.html)