VT Edition: Bernie Sanders & Karen Gross on credit card reform
05/20/09 1:26PM By Jane Lindholm
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Yesterday the Senate voted overwhelmingly in favor of a credit card reform bill. The vote was 90-to-5, and following on the heels of a 357-to-70 vote for credit card reform in the House last month. Now the two chambers will have to reconcile their separate versions with some urgency: President Obama has stated that he'd like to see a bill on his desk to sign by Monday.
Both versions restrict rate hikes on consumers in good standing and require longer notice of any fee or interest rate increases. They add protection for young consumers and require enhanced disclosure to all consumers. And they require promotional rates to last at least six months.
Vermont's delegation has been very vocal in pushing for credit card reform. VPR's Jane Lindholm talks about reform with Senator Bernie Sanders and Karen Gross, president of Southern Vermont College in Bennington and an expert in consumer finance and over-indebtedness.