Lawmakers Scold Fed on Credit Card Fees, Rates

While the U.S. House agrees with almost everyone else concerning abusive consumer credit card interest rates and fees – they don’t necessarily lay all the blame at the feet of the credit card companies themselves.  They also feel that the Fed deserves some scolding as well, for letting things get to the state they’re currently in.

Hauling out his PG-rated lexicon, Rep. Mel Watt, a North Carolina Democrat, said at a subcommittee hearing, "The Fed hasn’t done squat to deal with this problem and doesn’t seem to be doing squat about it.”