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"On this vote, the yeas are 357, the nays are 70. The bill is passed," said Speaker of the House Nancy Pelosi (D).
The legislation passed with a bipartisan vote and is a victory for the Obama Administration. The bill would prohibit interest rate hikes on charges already made and would require 45-days notice before upping the interest rates on new charges. Treasury Secretary Timothy Geithner talked about the importance of the bill.
"One reason working Americans were left with too much debt, was the failure of supervision in restraining bad lending practices by banks and finance companies," said Secretary Geithner.
Consumer advocates have been fighting for this bill for years. The fight now moves on to the Senate.
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