[ZeSpectre]

Washington Post
House Passes Credit Card Bill, Sending It to President
http://tinyurl.com/qptvtc

By Nancy Trejos
Washington Post Staff Writer
Wednesday, May 20, 2009; 2:29 PM

The House today gave final approval to a bill that would prohibit credit card companies from arbritarily raising interest rates on existing balances and charging certain fees.

With a 367-61 vote, the House ensured that President Obama will be able to sign the bill into law by Memorial Day, as he requested.

The House had approved a more diluted credit card reform bill last month but chose to send the stonger Senate version to the president instead. The Senate overwhelmingly passed its bill, written by Banking Committee Chairman Christoper Dodd (D-Conn.), on Tuesday.

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The House's passage of the bill came after an unrelated amendment allowing visitors to national parks to carry guns passed on a separate vote of 279-147. This morning, White House Spokesman Robert Gibbs said Obama would sign the legislation even if the amendment, introduced by Sen. Tom Coburn (R-Okla.), were included.

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The legislation passed today, which goes farther than the Fed's new rules, would become effective nine months after signing.