More proof that the Law of Unintended Consequences is more unbreakable than the Law of Gravity:
Billed as the Credit Card Holders Bill of Rights, the White House-backed measure passed 357-70 in the House on Thursday, sending it to the Senate for possible action next week.
“We are on the side of consumers,” said Rep. Keith Ellison, D-Minn., who championed a provision that would prevent banks from jacking up interest rates on people who owe money to other banks. “Vote ‘no’ on this bill at your own peril,” he told his colleagues.
We’re in the middle of a credit crunch, and Congress is doing what it can to further restrict the availability of… yeah, credit. Boneheads.