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It is this morning tougher -- -- credit card rules getting closer to becoming law when he -- to Washington for the details on -- Fox Business.
Correspondent Richard Edison now with the latest developments.
Lawmakers are set on restricting credit card fees and practices.
They're just working out the details senators are taking up a compromise version of the bill later this morning.
It proposes stronger limits on card companies that -- version lawmakers in the house severity past.
It requires a 45 -- notice for any change in the interest rate.
Or -- turns it only allows rate hikes on existing balances if a customer fails to pay for sixty days.
Anyone under 21 would have to prove they could afford -- credit card.
Or they would need a coast Saturday get one.
It also forces companies to provide specific information on fees and interest rates the bill's sponsor says the measures create fairness in the industry.
Now my goal and our -- senator Shelby and mine is not to be punitive.
Although I can understand why someone might want to be given some of the practices that have gone on here over the last number of years.
Rather we need to put in place strong incentives.
That would encourage these industries these companies to act more responsibly in the first.
What if this bill passes the senate negotiators would have to reach a compromise with lawmakers in the house the president says he wants congress to finish its work by Memorial Day.
Back to you all right rich -- in a --
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