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Banks battle to stop credit card rules

The American News Project has produced this report on how banks are employing a roomful of lobbyists to stop Congress from banning the credit card industries worst abuses.

And when I say a roomful of lobbyists I’m not exaggertaing. ANP has tape of them crowding into a congressional hearing. When an opponent is asked how many consumer lobbyists were in the room he says, “Three.”

It gives a good sense of how money buys power in Congress — and no one has more money or more power than the banking industry.

After an industry supporter warns the new protections backfire on consumers and lead to higher interest rates and less avialable credit, I just want to scream, “What!”

Doesn’t he know the banks are already raising interest rates and cutting credit limits on millions of cardholders.

That’s part of the problem.

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