In late April, the U.S. House of Representatives passed their version of a credit card reform bill. Last week, President Barack Obama spoke in Rio Rancho about the need for the legislation. Yesterday, the U.S. Senate approved a similar bill.
And today, the House made it official and passed the Senate’s version of the bill, sending the credit card reform legislation to Obama’s desk for his signature.
There were actually two votes. One was to approve everything the Senate voted for except for section 512 of the Senate amendment. This provision was an amendment tacked on by Sen. Tom Coburn, an Oklahoma Republican, which would allow guns in national parks.
On the first vote, the one to agree all of the bill except for the amendment to allow guns in national parks, all three members of the New Mexico House delegation voted for it. On the vote to allow guns in national parks, Rep. Ben Ray Lujan voted against it while Reps. Heinrich and Teague both voted for the provision.
“This bill takes common sense steps to protect families from unfair credit practices — safeguarding families from retroactive charges, excessive fees, arbitrary rate increases and misleading terms,” Lujan said in a statement.
Congressman Harry Teague said that the “bill will protect credit card holders from things like: retroactive charges, excessive fees, arbitrary rate increases and misleading terms — those are assurances every consumer deserves.”