Sen. Chris Dodd’s major reforms of the credit card industry (the Credit Card Accountability, Responsibility, and Disclosure Act) passed both houses of Congress this week, including a 361-64 passage in the House today. The president is expected to sign the bill Friday. Dodd said that the bill’s passage was “…a victory for every American consumer who has ever suffered at the hands of the credit card industry.”
Rob Simmons, Dodd’s major opponent thus far, has gone the interesting route of attacking Dodd not for the bill itself, which Simmons supports, but for Dodd’s timing:
“As a 26-year member of the Senate Banking Committee, Senator Dodd had decades to show leadership on this issue, but he decided to take action only after a series of scandals involving his cozy relationship with the financial services industry took a serious toll on his poll numbers.
Or it could be the current economic and political environment, in which passing a bill like this is far easier. Either way, Dodd now has an important piece of legislation to show to people who complain that he’s too close to the financial industry.