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Credit Card Industry Faces Reforms
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Maloney's bill is closely aligned with the Fed's proposal. In the Senate, Democrats Christopher J. Dodd (Conn.) and Carl M. Levin (Mich.) are co-sponsoring a bill that goes even further. Among its provisions not found elsewhere are banning charges for paying a bill by mail, phone or online; and prohibiting marketing to people under 21.
"We're better for the consumer than the Fed is," Levin said. "We've got to take some strong action. The Fed's action is a small step in the right direction, but we take several steps that are needed."
It is unclear when Dodd, the chairman of the Senate Banking Committee, will bring any of the bills for a hearing or markup, though an aide said it is a high priority.
Maloney, meanwhile, said she planned to keep pushing her bill through, no matter what the Fed does.
"Regulation is not enough," she said. "Only a law has the strength to eliminate unfair practices."
Even if none of the bills ends up passing this year, lawmakers and consumer advocates said they expected Congress to pick it up again early next year, especially if Sen. Barack Obama (D-Ill.) wins the presidential election.
"There is now a sense on Capitol Hill that this is a big issue with the public," Plunkett said.
