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GOP Blocks Freeze On Credit Card Interest Rate Hikes

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Senate Republicans blocked a Democratic effort Wednesday to immediately freeze increases in credit card interest rates, fees and finance charges.

Senate Republicans blocked a Democratic effort Wednesday to immediately freeze increases in credit card interest rates, fees and finance charges.

Shortly after Democrats passed credit card reform legislation in May, the card companies began jacking up rates in advance of its implementation. Major parts of the act won't take effect until February and August of 2010.

The only way Democrats could pass the bill in time for the holidays would be with the support of the GOP -- all but five of which voted for it initially.

Dodd, on Wednesday afternoon, asked for unanimous consent to move the bill forward.

"On behalf of several senators on this side of the aisle, I object," said Sen. Thad Cochran (R-Miss.). And that's the end of it.

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