Fed Says NO to Help on Credit Cards

WASHINGTON (Reuters) - The U.S. Federal Reserve rejected a request to force credit card companies to immediately halt retroactive interest-rate increases on existing balances, Democratic Senator Charles Schumer said Tuesday.

Schumer and Christopher Dodd, who chairs the Senate Banking Committee, asked the Fed last month to use its emergency powers for rescuing banks to also help credit card consumers being slapped with unexpected rate increases.

"The Federal Reserve's failure to protect consumers from these outrageous rate increases is unconscionable," Schumer said.

"The Fed has acted swiftly to use its emergency powers to steady teetering financial institutions. It is fair to ask why they won't use the same powers to aid American families who are at just as great a risk." - ABC News Story

I don't know why this surprises anyone, especially Democrats. Helping Main Street has not even been in the Top 10 of things to do in this Administration. It has been all about helping Big Business. They claim it is the Republicans that are all about Big Business, but I beg to differ. Explain to me ONE thing in the stimulus or bailout that has gone to help Main Street.

They have bailed out Banks. They have bailed out and helped Automakers. They are buying up Bad Debt.

If it was about helping Main Street, they would force mandatory dropping of Interest Rates, Tax Cuts to get money moving, Subsidize essentials to unlock tight money at the MAIN STREET level. The money they are pouring into the Banks and Automakers is not going to do much for trickling down to Main Street.