Sen. Bernie Sanders’ attempt to cap usurous interest rates on credit cards fell far short of passage today. The deliberative body that Sen. Richard Durbin referred to as ‘controlled by bankers’ easily beat back Sanders’ attempt to restore sanity to the credit card industry:
The effort by Senator Bernie Sanders, the Vermont independent, drew only 33 votes and needed 60, with a bipartisan group of 60 senators opposing it as the Senate pushed its credit card overhaul toward the finish line. Some Democrats and consumer groups have said that an interest cap is needed to put real teeth into an otherwise solid bill.
Other backers of the measure calculated that an interest rate ceiling would doom the popular legislation. The banking industry, which had some heavy-weight representatives monitoring the vote off of the Senate floor, warned that an interest rate limit could cause a sour reaction in the financial markets.
But Mr. Sanders said the card companies and banks were engaged in conduct that could get others hauled into court. He said one-third of all credit card holders are paying interest above 20 percent and as high as 41 percent.
In votes that will surprise no one, both Tom Carper and Ted Kaufman voted their banking industry constituency, as did newly-minted “Democrat” Arlen Specter.
Seriously, it is time to take Carper out. He no longer even pretends to care what the people in Delaware think.