Sens. Chuck Schumer and Chris Dodd are going to send a letter this afternoon to Fed chairman Ben Bernanke, asking him to impose an emergency freeze for credit card interest rate hikes.
The Fed has already implemented a rule that would forbid credit card companies from raising rates on borrowers on existing balances; however, that rule does not go into effect until July 2010.
The senators want the Fed to implement the rule using its emergency powers immediately.
On one hand we know that when Dodd and Schumer get involved, industries fall at the expense of taxpayers. On the other hand the credit card companies are sharks.
Hard to pick a favorite in this one.
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