The head of the Senate Banking Committee is seeking to freeze credit-card interest rates, The Wall Street Journal reports. Christopher Dodd has launched a measure, which will freeze rates on existing card balances until February, when new rules for the industry will be implemented.

The Senator has introduced the measures as companies are using the delayed implementation of the new rules to push through aggressive rate and fee increases. The new credit card law, passed in May, seeks to stop banks from randomly increasing interest rates, adds The New York Times.

Click here the story from The Wall Street Journal.

Click here for additional coverage from The New York Times.