The credit card bill (no, not that bill)

I wish I understood this better.  Yesterday the Senate defeated a bill commonly known as the 'credit card holders bill of rights' which would have established a set interest rate for credit cards.  There's probably more to it, but I'm curious as to why 60 senators would vote to defeat it. 

Here's the list of how each senator voted on H.R. 627.

Comments

[Ron]

The bill would have limited credit card issuers from adjusting rates on cards in many circumstances.
If credit card companies do not have the ability to adjust rates on credit cards, they will be limited on the profits they make.
This bill will most likely increase interest rates on credit cards in general and reduce the availability of credit to many people.
The card issuers are some of the same banks bailed out with federal money and have been criticized by Obama and congress for not making loans. Obama wants to limit profits on loans made by banks, while at the same time criticizing them for not making loans.
A good vote on a bad bill as proposed.