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WASHINGTON (Reuters) - The U.S. Federal Reserve rejected a request to force credit card companies to immediately halt retroactive interest-rate increases on existing balances, Democratic Senator Charles Schumer said on Tuesday.
"The Federal Reserve's failure to protect consumers from these outrageous rate increases is unconscionable," Schumer said.
"The Fed has acted swiftly to use its emergency powers to steady teetering financial institutions. It is fair to ask why they won't use the same powers to aid American families who are at just as great a risk."
"We believe that issuers must be afforded sufficient time for implementation to allow for an orderly transition process that avoids unintended consequences, compliance difficulties and potential liabilities," Bernanke wrote in a May 4 letter.
let's see what's to be rejected next!@\
Originally posted by Helig
Maybe now this will teach people about the dangers of credit. Retarded borrowing and lending practices have put this economy in its current predicament so perhaps now people will learn the lessons necessary to make sure it doesn't happen again in four years.
Originally posted by Helig
so perhaps now people will learn the lessons necessary to make sure it doesn't happen again in four years.