The US Senate has rejected a
proposal to cap credit card interest rates in the country at 15
percent by a margin of 60-33, though other political figures have
vowed to maintain the pressure on the industry.

A wider range of measures, aimed at more
effectively regulating credit card practices, known as the Credit
Card Accountability, Responsibility and Disclosure Act, are
nonetheless expected to pass shortly. The bill, endorsed by US
president Barack Obama, would require companies to give 45 days’
notice before increasing interest rates and prohibit retroactive
increases.

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Speaking after the vote, Senate banking
committee chairman Chris Dodd said the Federal Reserve should study
the matter of a national rate of interest, calling the move “a
legitimate issue of deep importance to many Americans”.

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