WASHINGTON — A bill that would have immediately frozen rates on existing credit-card balances died Wednesday in the Senate, a combination of Republican opposition and a health-issue-filled calendar.
Democrats — including Sen. Mark Udall of Colorado, a primary sponsor of the bill — took the chance to blast GOP opposition to legislation popular with voters, handing the majority party a public-relations victory if not a legislative one.
“This has been like the classic story of David versus Goliath — and I say it’s time to take on Goliath and stop credit-card companies from gaming the system at the expense of American consumers,” Udall said.
Last spring, Congress passed a bill that will beef up consumer protections for credit-card holders, including preventing card companies from arbitrarily raising rates. But those protections don’t go into effect until February, and many consumers have complained of rate hikes as companies try to beat the deadline.
Senate Republicans put a hold on the bill, a procedural move that makes it much more difficult to pass without extended debate and at least 60 votes.
With health care reform effectively swallowing the Senate’s time at least until Christmas, Democrats’ failure to lift the hold Wednesday doomed the bill.
“I’m extremely disappointed that the financial health of millions of American taxpayers has been completely brushed aside by a handful of Wall Street banking interests in the U.S. Senate,” said Rep. Betsy Markey, D-Colo., who sponsored the companion bill that passed the House.
Michael Riley: 202-662-8907 or mriley@denverpost.com
