The Financial Times has this story on the passage of the bankruptcy bill. Congressman James Sensenbrenner, Chairman of the House Judiciary Committee, while pleased with passage of the Senate version, cautioned the credit card industry:

"The responsible thing for credit-card issuers to do would be to reduce interest rates because there is less risk,” he said. “If they don't, they will play into the hands of the opponents of the bill it would reduce their credibility."

Color me skeptical that credit card companies will respond to the passage of their bill with a rate reduction.