Pass it on: Senate Republicans vote to ALLOW credit cards to gouge customers on interest

[Bluebear]

WASHINGTON – The Senate has rejected a proposal aimed at lowering credit card rates by making banks and other card issuers abide by state interest rate caps.

The measure failed 60-35.

Democratic Sen. Sheldon Whitehouse of Rhode Island offered the amendment to a broad financial regulation bill that is making its way through the Senate.

The amendment would have barred financial institutions from charging interest rates based on what is allowed in the states where they are headquartered.

http://news.yahoo.com/s/ap/20100519/ap_on_bi_ge/us_financial_overhaul

[salin]

1. Anti Christian GOP - favor usury - which the Bible is opposed to.

Oh that's right they aren't pandering to Christians - they are pandering to politicized radicals that claim Christianity but reject the teachings of Christ. The Christian Right's "Moral relativism" is showing again. Opps.

[Bonobo]

2. How utterly sickening...

[SharonAnn]

3. This particularly hurts the military. Payday lenders set up near big military bases.

[kelly1mm]

4. 60-35? Must have been a good number of "Democrats" in the no column. nt

[Bryn]

5. Why would they want to hurt the main street?

Just to feed more to corporations? Very disappointed.