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Business Briefing / Banking

Credit card rate freeze proposed

October 27, 2009|Times Wire Reports

Senate Banking Committee Chairman Christopher J. Dodd (D-Conn.), who is fighting for his political survival, has proposed an immediate interest rate freeze on existing balances for the estimated 700 million credit cards in circulation.

The proposal is unlikely to go anywhere in the Senate, where business-minded Democrats would join Republicans in opposing the measure.

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