Sometimes business groups lie so blatantly that even their strongest allies in Congress have to call their bluff.
That’s what happened this week when the U.S. Senate voted overwhelmingly to put new limits on the credit card industry, passing a bill to curtail its ability to raise interest rates at will and charge unreasonable fees. The bill also will require credit card issuers to explain their terms in fewer words and use plain English. The Senate voted 90-5 in favor, following a 357-to-70 vote in the House on April 30.
