Senate rejects 15% interest rate cap on credit cards

[bascule]

...by a considerable margin. 60 senators actively opposed the bill:

 

http://www.nytimes.com/2009/05/14/us/politics/14cards.html?_r=1&ref=business

 

I'm confused as to why there's so much opposition, especially in the wake of the recession/depression. It's okay to give banks hundreds of billions of dollars, but there's strong opposition to capping interest rates on credit cards?

[Pangloss]

I'm a bit out of touch at the moment (busy with work) but I'm a bit surprised to hear this as well. I was under the impression that the bill was considered a shoe-in, with even some Republicans on board.

[SH3RL0CK]

Why the confusion? Its not like the credit card banks don't give significant amounts of money to a lot of politicians campaign funds.

[Mr Skeptic]

Senate rejects 15% interest rate cap on credit cards...by a considerable margin. 60 senators actively opposed the bill:

 

Rats!

[john5746]

My guess is they figured it would further restrict credit lines to consumers, which is one of the chief problems with the economy.

[D H]

60 senators actively opposed the bill:

The Senate didn't vote down a bill. They rejected an amendment that would have poisoned a bill they really want to get passed.