WASHINGTON — The Senate Banking Committee approved sweeping legislation 12 to 11 on Tuesday to rein in credit card practices, with all Republicans and one Democrat — Sen. Tim Johnson — opposing the measure.

The bill by Chairman Chris Dodd would codify most provisions of a rule being implemented by the Federal Reserve Board and other regulators that bans several common card practices such as double cycle billing and universal default.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.