(Host) Senator Bernie Sanders is applauding a bill passed by Congress that he says will protect consumers when they use their credit cards.
Sanders says the bill limits how and when banks can change the rates on credit cards. A second issue the bill addresses is the fees that banks can charge:
(Sanders) "I think there will be a lot more controls in terms of fee manipulation. You know, every time you sneeze there’s a fee attached to that – you’re late, you’re early, you have a balance, you don’t have a balance – they just get you any which way they can, and I think there’s got to be more work on that."
(Host) Sanders said he sees at least two areas in which more regulation is needed … protections for merchants who work with credit card companies, and establishing a cap on interest rates.
The House passed the bill Wednesday, a day after it was approved in the Senate. President Obama says he intends to sign it into law.