IMGCAP(1)]
The office of Senate majority leader Harry Reid said today the Senate on Monday plans to take up the card-reform bill supported by Senate Banking Committee Chairman Chris Dodd. The Connecticut Democrat told reporters Wednesday he was anxious to move forward on card reform, reports American Banker, a CardLine sister publication. Dodd has been working with Sen. Richard Shelby of Alabama, the panel's top Republican, on a compromise. Though Dodd said he felt confident they could reach an agreement, he also said he would not delay the bill to get to that point. "We're close," he said. "We're down to a few issues, but they are ones we are quite confident we can resolve, and if we can't, you just go forward." Dodd said it was "unclear" whether he has the votes in the Senate, though he believes the issue is a popular one that will find broad support. The bill would codify much of the regulatory restrictions due to go into effect in July 2010 on credit cards and would speed up the implementation. It also would put restrictions on offering cards to minors, among other things.
