BANKING

Lawmakers Seeking Lower Credit Card Rates: Members of Congress pushed legislation aimed at pressuring the nation’s credit card issuers into sharing the wealth with consumers by lowering their “stratospheric” interest rates. Rep. Charles Schumer (D-N.Y.) sponsored a bill designed to foster more competition by forcing credit card issuers to disclose their interest rate, annual fee, grace period and other basic information in every print and broadcast advertisement. The information would have to be on the envelope of any mail solicitations. Schumer’s bill would also require credit card companies to give customers 30 days notice before raising rates, twice as long as the current notice, and to allow customers to stop using the card and pay off their balance at the old rate.