U.S. Senate approves credit card crackdown bill

WASHINGTON (Reuters) - The U.S. Senate on Tuesday approved a bill to curb sudden credit card interest rate increases and hidden fees, with President Barack Obama expected to sign the measure into law by the end of the month.

The first of several financial regulation reforms expected during the Obama administration, the bill must go to the House of Representatives again before reaching the president. The House approved it in similar form last month by a 357-70 vote.

Analysts said the bill would hurt the profits of major card issuers such as Citigroup, Bank of America, JPMorgan Chase and Capital One, but that its impact was already largely factored into their share prices.

(Reporting by Kevin Drawbaugh)

Article Published: 19/05/2009