House to accelerate credit card rules

November 4, 2009 5:02:04 AM PST
House Democrats want tougher rules for credit card companies to go into effect by Dec. 1, accelerating by two months the enactment date of legislation previously passed by Congress.

The House was expected to vote Wednesday on a bill that would limit when and how banks raise interest rates.

Congress passed similar legislation last spring. But lawmakers gave banks until mid-February to prepare for the changes.

Rep. Barney Frank, who chairs the House Financial Services Committee, said lenders have abused the grace period by raising interest rates ahead of the bill's enactment date.

Also on Wednesday, Frank's panel was expected to vote on a separate bill that would give more money and power to the Securities and Exchange Commission.

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