Delaware Online: Castle attempts to delay vote by calling for study from Fed

By NICOLE GAUDIANO • News Journal Washington Bureau • November 5, 2009

WASHINGTON — Rep. Mike Castle tried but failed Wednesday to put the brakes on consumer-friendly credit card reforms that most House members thought should be enforced sooner than originally planned.

Lawmakers voted 331-92 to pass legislation to halt rate hikes that credit card companies began imposing after Congress passed credit card reform legislation earlier this year, and move up the reforms to December instead of February.

Castle, R-Del., who voted for the original reforms in April, tried to delay Wednesday’s vote by calling for the Federal Reserve to submit a study to Congress within a week on whether speeding up the reform schedule would be feasible. He said credit card companies have a lot of work to do to prepare for the new law. His proposal failed on a mostly party-line vote of 253-171.

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