Thanks. That may be something. Assuming the intent wasn’t to destroy the credit card industry.
It was an unusually reasonable reform. But It will have unintended drawbacks.
It will hurt people that carry a balance (unlike me) that wouldnt have had their rates go up. Now the CC companies have to raise rates of more consumers to spread the new risk (they limited CC ability to raise rates on existing balances).
But the other side easy credit traps were a time bomb for them and the economy, and many freepers cursed the CC companies before Obama was elected.