In a major bipartisan vote,  the Senate voted  90-5 to change how credit card companies operate.  President Obama could sign the legislation as early as Friday.

The big Senate vote to rein in credit cards got widespread attention in the nation’s newspapers. The Wall Street Journal, right, reports that the legislation “marked a major defeat for the credit-card industry, as lawmakers complained that consumers are being hit with tricks and traps on their cards.” The News Journal, in Delaware, writes that “the banking industry lobbied fervently against the measure, saying it would curtail credit for low-income people and lead to a new industry business model that could restore annual fees and mean higher rates for all cardholders.” The Washington Post says the legislation “will force the card industry to reinvent itself and consumers to rethink the way they use plastic.” The Los Angeles Times writes “card companies found themselves the targets of blistering attacks from senators who accused them of engaging in exploitative and misleading tactics.”

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