Dodd introduces bill to freeze credit-card rates

Senate Banking Committee Chairman Christopher Dodd on Monday introduced legislation that would temporarily freeze credit-card interest rates on existing balances, after saying that financial institutions weren't supporting a new credit-card law that was approved by Congress in May.

"No sooner had it been signed into law, credit-card companies were looking for ways to get around the protections this Congress and the American people demanded," said the Connecticut Democrat. "This bill would end those abuses and further protect customers today."

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- Posted: 2009-10-26 13:05:29

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