Credit card reform bill sails through US Senate

WASHINGTON: The US Senate on Tuesday voted 90-5 to approve a bill to curb sudden credit card interest rate increases and hidden fees, with President Barack Obama expected to sign it into law by the end of the month.

Credit card issuers' shares fell after passage of the bill, the first of several banking and market regulation reforms expected from the Obama administration as it deals with the worst financial crisis in generations and a deep recession.

The credit card "consumer bill of rights", as supporters describe it, must go to the US House of Representatives for a vote before reaching the president. The House approved it in a very similar form last month by a 357-70 vote.