House Approves Credit Card Reform

Law dials back crucial fees, interest rates

(NEWSER) - A law President Obama is expected to sign today bringing new consumer-friendly rules on credit cards could cost the industry $10 billion in revenue, the Wall Street Journal reports. The legislation, which dials back various fees and interest rates, will devastate companies that target consumers with checkered credit histories and issuers reliant on specialty cards for retailers, experts say. More»

(AP) - Congress has sent President Obama a bill with sweeping new rules for the credit-card industry that will affect just about every American. The House approved the measure this afternoon, 361-64. The Senate OK'd it yesterday, 90-5. The new restrictions will protect debt-ridden consumers from many of the surprise charges common in the industry, like over-the-limit fees and a charge to pay by phone. More»

House majority leader, whip confident about health reform passage

(NEWSER) - Health care reform legislation will sail through the House of Representatives in Sunday's vote, Steny Hoyer says. “We'll have the votes when the roll is called,” the majority leader tells Politico . Democrats haven’t lined up enough yeas for President Obama’s key domestic agenda, but the majority whip seems as confident as Hoyer. “The bill will pass,” says James Clyburn. More»

President delivers closing argument to enthusiastic crowd

(AP) - President Obama described the stakes of this weekend's health care vote in stark terms today, using words uttered so rarely out of the White House that they seem all but banned: "If this vote fails." What then? "The insurance industry will continue to run amok," the president declared, pointing to rising rates, denials of coverage and limits on care. More»

Proponents hope measure will create 250K jobs

(AP) - US companies that hire unemployed workers will get a temporary payroll tax holiday under a bill that easily won final congressional approval today. The 68-29 Senate vote sends the legislation to the White House, where President Obama has promised to sign it into law. Optimistic estimates predict the tax break could generate 250,000 jobs through the end of the year, a tiny fraction of the 8.4 million jobs lost since the start of the recession. More»