Congress continues its venomous assault on the credit card industry heedless of the consequences.

The Credit Card Accountability, Responsibility and Disclosure Act signed in May curbed administrative, finance and penalty fees and destroyed the subprime credit card industry. Rep. John Tierney, D-Mass., with 66 Democratic co-sponsors, fired the latest salvo on Dec. 11, introducing the preposterously named and economically illiterate "Restoring America's Commitment to Consumers Act of 2009." It would cap credit card finance and administrative fees at 16% and penalty fees at $15.

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