Credit CARD Act Passes the Senate

The Senate passed H.R. 627 today by a whopping 90 – 5.  Congratulations to everyone who worked to pass these important consumer protections!

Four Republicans and one Democrat ended up voting against the bill.  The lone Democrat was Senator Tim Johnson of South Dakota.  The R’s were Senators Bennett (UT), Kyl (AZ), Alexander (TN), and Thune (SD).

Next up, House and Senate leaders will have to hammer out the differences between their two bills.  The House has indicated they will take this up tomorrow.  President Obama would like to sign the legislation into law by Memorial Day, which could happen if the Senate and House move quickly.

The bill would go into effect within nine months of enactment.  The House version would go into effect after one year, so negotiators will have to agree on an implementation date – we say the sooner, the better.  For more on what the bill covers, see our letter of support (PDF) or CQ Politics.