Senate Banking Committee Chairman Chris Dodd introduced legislation Monday that would temporarily freeze credit-card interest rates on existing balances, after saying that financial institutions weren't supporting a new credit-card law. "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 Dodd, D-Conn. Congress in May approved a credit-card law, known as the Credit Card Accountability, Responsibility and Disclosure Act, to crack down on abusive practices by credit-card issuers.
Full Article at Detroit Free Press