US Senate votes on credit card bill

The US Senate voted on the credit card bill 19th local time, and the bill would become the first Financial regulation bill to be brokered by Mr Obama since taking office. In fact, as early as April 30, the U.S. House of Representatives on the "one-sided" passed the credit card bill, but the difference is that the version presented to the Senate is more focused on the banks and consumers should have much power and other key issues. Under the bill, credit card companies will not have to raise interest rates abruptly, and must notify consumers 45 days in advance and not to issue credit cards to young people under the age of 18.　　In addition, the bill also includes restrictions on the sale of credit cards to people under the age of 21 years, card issuers and banks set up for the promotion of low interest rates for at least six months, for the new card households, no higher interest rates in a year. Some industry insiders said the government's regulations may inadvertently increase the cost of using credit cards, resulting in less use of credit cards, resulting in damage to consumer interests.　　In order to deal with the new measures, the issuing bank may recover the annual fee or cut back the cash feedback system. U.S. President Barack Obama said last week that the US credit card industry needs immediate reform. Mr Obama has also been urging Congress to pass the bill before this year's Memorial Day (May 25) so that he can sign it.　　It is reported that the Senate passed the credit card bill will start in 9 months after the implementation. Last week, the U.S. Senate vetoed an amendment to the 15% cap on credit-card rates by 60 to 33. The amendment was proposed by Senator Sanders.　　Saunders said it was necessary to stop banks from setting their credit card rates at a high of 25% to 30%. America's credit-card market is expanding, thanks to the habit of American consumption. In the United States, 78% of households have credit cards, and in 2007 the average credit card debt of each American household amounted to $7200 trillion. In response to rising bad debts, U.S. credit card agencies have raised their standards and cut the percentage of cardholders with poorer credit records. With these initiatives, the recent decline in U.S. credit card market debt has fallen to $945.9 billion trillion in March, but it is still 25% per cent higher than it was 10 years ago.　　Analysts have been worried that once the cardholder is unable to repay, the credit card bad will likely trigger the same ripple effect as the subprime crisis, the second financial turmoil will be inevitable. Related News ·　　U.S. House of Representatives passed bill to investigate the causes of the financial crisis according to the U.S. House of Representatives 18th Xinhua News Agency passed a bill of 338 votes to 52 votes, decided to set up an independent commission to investigate the causes of the financial crisis.　　As the Senate of the United States has earlier approved the bill, the bill will be sent to U.S. President Barack Obama for entry into force after the House approves. Under the bill, the Independent commission would be a bipartisan committee of the Commission on the "events", with 10 people with extensive experience in banking, market regulation, taxation, finance, the economy and housing.. The Commission will conduct extensive investigations into the role of U.S. regulators and the Federal Reserve Board, as well as corporate accounting practices, executive pay arrangements and the use of new investment vehicles. Possible fraud, the role of credit risk rating agencies and market short-selling are also under investigation. The Commission will also investigate so-called "global savings imbalances" and a series of financial rescue measures taken by the US government.