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Brown joins bill to freeze credit-card interest rates
Sunday,
November 1, 2009 7:05 AM
DispatchPolitics
Sen. Sherrod Brown has signed on to a bill unveiled last week in his Senate Banking Committee
that would freeze credit-card interest rates and other fees until a credit-reform law goes into
effect next year.
The Ohio Democrat is one of a number of lawmakers complaining that many credit-card companies have been hiking rates ahead of the credit-card overhaul law taking effect. Some provisions of the law, such as a 45-day notification of rate increases, already are in effect, but credit-card companies have until February before new limits are placed on rate and fee hikes on existing customers in good standing. "Ohioans have had enough of the abusive and predatory practices used by credit-card companies," Brown said in a statement. "Credit-card companies are doing all they can to raise interest rates and squeeze consumers in the final months before they have to play by a new set of rules. This bill will prevent these last-ditch efforts and ensure consumers receive the protection they deserve." Similar measures are being looked at in the House, where Rep. Mary Jo Kilroy, D-Columbus, a member of the House Financial Services panel, and other lawmakers have been urging credit-card companies not to raise rates. The House committee has passed a bill, which awaits action in the full House, moving the effective date on limiting rate hikes to Dec. 1. Story toolsToday’s Top Stories
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Republican candidates have grabbed double-digit leads in the races for governor and the U.S. Senate, and the swelling red tide could lead to a GOP sweep of statewide offices, the first Dispatch Poll of the 2010 campaign shows.
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