HARTFORD, Conn.—U.S. Sen. Chris Dodd says he welcomes efforts by the Federal Reserve and other regulators to crack down on the questionable practices of the credit card industry after years of prodding.
But the chairman of the Senate's Banking Committee, who was visiting the state Capitol on Friday, says a bill he and some other senators are proposing would be tougher.
His bill, for example, would make it harder for credit card companies to solicit people under 21 years old.
The Fed and two other agencies are proposing rules that would stop companies from unfairly raising interest rates and make sure they give people enough time to pay their bills. Both concepts also are part of Dodd's bill.
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