April 23 (Bloomberg) -- Senate Banking Committee Chairman Christopher Dodd and Senator Chuck Schumer, saying credit-card providers are “aggressively” raising interest rates, asked the Federal Reserve to immediately limit interest rate increases on existing balances.

The Fed voted in December to impose such a limit, effective in July 2010. In a letter today to Federal Reserve Chairman Ben Bernanke and other officials, Dodd and Schumer said companies are increasing rates before the rule goes into effect.

Last Updated: April 23, 2009 12:57 EDT