House and Senate to Consider Credit Card Bill, Cramdown Legislation

The Hill reports, "House and Senate lawmakers are heading toward votes by the end of this week on legislation that would clamp down on two major segments of the financial industry that have long fought additional regulations." The Hill says, "In the Senate, Democrats are headed toward a vote on Thursday at the earliest on a controversial bill that would empower bankruptcy judges to write down home mortgages." However, "the bill…appears headed for defeat" because "Republicans remain unified in opposition and a handful of centrist Democrats have raised questions." Also, "the House will vote on Thursday on a bill sponsored by Rep. Carolyn Maloney (D-N.Y.) that would attempt to rein in credit card practices that consumer advocates have long opposed."

From the American Association for Justice news release.

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