House OKs Credit Card Bill; Obama Up Next

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»

(NEWSER) - The House today approved legislation to protect credit card holders from hidden fees and sudden rate hikes, Reuters reports. Legislators voted overwhelmingly for the Credit Cardholders' Bill of Rights, a measure banks complain will tighten the amount of credit available and make holding a card more expensive. The Senate is expected to pass its own version next, and President Obama hopes to sign the bill in May. More»

Both sides look to gain political capital in putting off raise

(NEWSER) - Barack Obama’s freeze on top White House salaries has put pressure on Congress to do the same for itself, reports Politico, but as with much on the Hill, that’s a lofty idea mired in the mud of political reality. Even those who support a pay freeze are scrambling to maximize political capital gained from enacting it, reports Politico. More»

'Washington Post' finds 16 members of Congress engaging in practice

(NEWSER) - A Washington Post investigation finds that 16 members of Congress have sent tax dollars, sometimes in the millions, to companies or other organizations with links to their family trees. Through direct funding or earmarking, these lawmakers have boosted the budgets of Pentagon programs, environmental groups, schools, and other places where their spouses, children, or parents have been employed, sat on the board, or worked as lobbyists. In interviews, the lawmakers insist the actions were meant to assist organizations that, in turn, help residents of their districts. Indeed, congressional committees have found that such practices are fine as long as the money doesn't directly or solely benefit the lawmakers' relatives. More»

What would happen if majority of members killed, incapacitated?

(NEWSER) - The Washington Post points to an important question that failed to get asked after the FBI arrested Rezwan Ferdaus for allegedly planning an attack on the US Capitol: Is Congress prepared for a catastrophic terrorist strike? If more than half of the members of the House or the Senate were incapacitated or killed, no laws could be passed. How quickly could the chambers mobilize in such an event? More»