Do the Fed's New Credit Card Rules Go Far Enough?
Not according to Charles Schumer (D-NY) and Tom Harkin (D-IA) they don't.
Would the honorable Senators also like for Ben Bernanke to personally credit counsel every American in over their heads? How bout if the Fed starts offering a gold card with 0% balance transfers (NOT introductory, I mean FOREVER)?
It appears they don't like the idea of banks being able to jack up rates on customers who fall two months or more behind on payments. Of course they're Congressmen so they have no concept of macro whereupon a tweak like that means banks are more afraid than ever to extend credit to borrowers if they know they have little recourse to recoup their losses should said borrowers decide they just can't pay.