Panel OKs Interest Disclosure
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WASHINGTON — A bill that would require the first easy-to-understand disclosure of interest paid to small investors and finance charges levied against credit card customers was approved today by the House Banking Committee.
The 38-10 vote clearing the measure for House floor action came after the panel rejected a move by Rep. Doug Barnard Jr. (D-Ga.) to kill the bill by sending it back to a subcommittee for further study. Barnard complained that the measure would “put financial institutions in a straitjacket,” but Rep. Charles E. Schumer (D-N.Y.) said that “to send this bill to its graveyard would do a disservice to consumers.”
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