MONTPELIER, Vt.—Vermont Congressman Peter Welch is hailing House passage of a bill speeding up a crackdown on the credit card industry.
Congress in May banned what Welch calls unfair interest rate increases and abusive fees and penalties, but included a grace period before the legislation took effect.
Welch, a Democrat who holds Vermont's lone House seat, says the industry responded by increasing interest rates and fees.
He says the new bill moves up the effective date of the restrictions passed in May from this coming February to immediately after the president signs the bill.
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