Wednesday, May 13, 2009

Senate Defeats Credit Card Bill; Inhofe, Coburn Vote with the Banks

It's no secret that the big credit card companies can (and do) jerk their customers around. Miss a payment by even one day and you'll pay a hefty penalty. Your interest rate is likely to skyrocket as well.

To their credit, the Obama Administration and some Democrats proposed to protect cardholders with a "Cardholders Bill of Rights," a measure that would have limited the banks' ability to rip off their customers. Today, that bill failed in the Senate.

Oklahoma's two senators, Inhofe and Coburn, sided with the banks. Of course they did. It's the Oklahoma GOP way: always side with the big money over the little guys.

To be fair, far too many Democrats sided with the banks as well. Thanks for nothing, guys.

1 comment:

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