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A Congressional panel is expected to approve legislation…that would curb high credit card fees and penalties assessed by many banks that have benefited from the federal government’s financial bailout program.
The pro-consumer bill, which would mean sweeping changes for banks that issue cards, is an important test of the political will of Democrats who are pushing for U.S. financial regulation reform…
“It’s a new era in Washington,” said Rep. Carolyn Maloney, a New York Democrat and chief sponsor of the House bill. “It’s taken three years of hard work, but I’m delighted that we’re on the brink of real protections for consumers.”
Her proposed legislation would halt credit cards from imposing arbitrary rate increases and penalties and certain billing practices on balances with different rates. It is expected to win approval by the committee, and later by the full House.
But it remains unclear whether Democrats in the Senate can muster the 60 votes needed in that chamber to advance controversial legislation amid stiff opposition from the banking industry. The Senate’s version of a credit card reform bill includes tougher language…
U.S. lawmakers have expressed anger that the same banks such as Bank of America, Citi and Chase with big credit card operations, charge excessive interest rates and fees while getting U.S. government bailout from the taxpayers who use these credit cards.
There was a time in this land when usury was illegal. States had laws generally prohibiting interest rates higher than 18%. Now, between payday loan sharks and the greediest banks on Earth, interest rates that blow through that old ceiling – are the rule. This bill could begin a turnaround.
Keep an eye on the vote in Congress on this one – and you’ll see who is owned by the banks.
Eideard, for some unknown reason asked, “Will Republicans help?”
Umm, Dems control the executive & leg. No more hiding behind the Repub bogyman. Either the Dems do something, or not…
Padd-O
Right on. In Eideard’s world, the Republican are responsible for everything that is wrong and bad. The Democrats, well, they are the one’s who will deliver Eideard’s Unicorn to him. They aren’t to blame for anything. But isn’t that how Democrats are in the first place?
Wait the gov is working for us to protect us? wow that is news
What we got is RINO’s and DINO’s who are in truth just corporate thugs.
Anything over prime plus 4% is usury.
Seems to me that a simple law to require signature acknowledgment of all contract changes would help. I think most people are scammed because they don’t know their rates went up.
Cute,
implying the Dems in congress don’t work for the Oligarchs. Just dumb enough to think the government works for you instead of the reality.
“But it remains unclear whether Democrats in the Senate can muster the 60 votes needed in that chamber to advance controversial legislation” Eideard asking “Will Republicans help?” seems valid to me.
I’m amazed at the kinds of credit people will sign up for its just so stupid, yes we need more laws to protect stupid people from the unscrupulous greedy people.
# 8 Alfred1 said, “Amazing how they want to blame us…even now when they control everything!”
Not really amazing. Liberals are by definition, against personal responsibility or accounability of any kind. It’s part of the psychosis.
Hah, hah. Alfie and Paddy. I’ve never actually seen wingnuts have sex in public before.
lets hope they rein in the credit card industries other hidden fees while they are at it..
like the other few percent that is taked on to every retailer that accepts creditcards…
plus the access fees, and what not…
the more i find out about credit cards on the business end the less i want to do with them.
The proposed question is perfectly valid.
For the ignorant folks who think the Democrats in Congress can do whatever they want, let me help you.
40 votes in the Senate can hold up nearly an piece of legislation. The current Senate breakdown is 56 Democrats, 41 Repukes, 1 Independant, 1 Independant Democrat and 1 Open Seat. So yes, the Senators will need a few from the other side to get this passed; the House passing the bill means little if it doesn’t leave the Senate.
And as for personal responsibility its been long overdue that these crooks in the credit card industry were put in their place… their kind of behavior goes way beyond usury; and pay day loans… don’t get me started.
Man I am amazed how the nitely nes makes statement that the Republicans might somehow block some legislation the Dems are trying to push thru. More mainstream media hogwash!
The Dems control the Senate, House and Presidency. By a clear majority. The Republicans have NO POWER.
If the Dems wanted to go against their tradition of tax and spend and turning a blind eye to the dire situation of the people– they would do this:
Pay off peoples credit card debts. The average Amerikan has over $10K in Credit Card Debt, on as many as 10 seperate cards. Guess where the peoples’s cash month-to-month is going? It’s not on payments for consumer goods. It’s not on a new car. All the cash is going on the credit card debts. Those loonies in Washington just don’t get it. The economy starts at the bottom and goes up. It starts with the PEOPLE. I dunno. Either the people inside the beltway don’t get it or they just don’t care.
#13 – you got that right. Talk about double dipping: transaction fees from the seller and interest and fees from the buyer. It’s a dream scam.
I think the assumption that Eideard makes, “Keep an eye on the vote in Congress on this oneood – and you’ll see who is owned by the banks.” Shows his ignorance.
This bill on the surface may look like a good thing, but the devil is always in the details, and what gets attached to it.
Voting against this bill cannot automatically put you in the pockets of the banks, only a fool would think so.
The Democrats caused the financial disaster caused by their mortgage-happy Freddie Mac legislation. Now they want to give out credit cards to everyone.
Paddy and Alfie: I’d say that is says a lot about the current Republican mentality that you guys seem to think that O can just dictate what the credit card companies can do. Here’s a hint; it’s called separation of powers. The president is not a dictator, contrary to the decider-ism of the previous admin, and thus anything to fix this needs to get by the constant filibustering that the Republicans (and their stooge Liebermann) are using in the Senate in order to protect the status quo.
This is brilliant.
The banks are insolvent, the government has pledged trillions to keep them in business, and now they want to pass a law that will eliminate one of the few profit centers that the banks have left.
#20 Li said “The president is not a dictator”
The brute force nationalization of the banks, insurance companies and automobile companies makes a strong case that Obama is a dictator.
Well, he thinks he is, and he acts like he is, and few seem willing to tell him differently so until everyone tells him differently I guess Obama is a dictator.
Brute force? I don’t seem to recall them marching in troops to take over Citi. Further, last I checked, throwing money at someone is not the same thing as nationalizing them. Nationalization usually includes the sacking of the board and the devaluing of common and preferred stock. None of that has happened. Even if this were nationalization under some bizzaro-world definition, this action is based upon the foolish passage of those bills in Congress; once again, not the behavior of a Dictator.
Really, if one were to point to a dictator, it would be the holdovers from the -last- administration that keep using the funds given to them by Congress in random, unaccountable ways; i.e. Paulson and Bernanke. As I see it, this scenario is far more the privatization of the government, by force (GiVE Me ALL ur MOnIEs or Ur EcoNomY GeTs IT!), by these failed banks and insurance companies, rather than vice versa.
#1 Paddy O’Troll Umm, Dems control the executive & leg. No more hiding behind the Repub bogyman. Either the Dems do something, or not…
#5 Alfie Democrats can pass any bill they want…if it doesn’t pass, its the Democrats who are at fault…
Republicans can’t stop a thing…
Your attempt to blame them is ridiculous.
From the article:
But it remains unclear whether Democrats in the Senate can muster the 60 votes needed in that chamber to advance controversial legislation amid stiff opposition from the banking industry.
Didja get that? SIXTY VOTES. Not a majority, SIXTY.
There’s another implicit filibuster for ya, Paddy and Alfie. The Republicans don’t have to do anything, just tell the Democrats they’re going to filibuster, and voila, Democrats need 60 votes to pass anything.
The Republicans can stop EVERYTHING, Alfie, with this standing filibuster.
When will America realize what sore loser obstructionists the Republicans are?
# 20 Li said, “I’d say that is says a lot about the current Republican mentality that you guys seem to think that O can just dictate what the credit card companies can do. Here’s a hint; it’s called separation of powers. ”
You’re babbling. Where did I say O’Mama could do anything with this if it doesn’t come to him for signature?
Is babbling a common liberal mental illness?
From your very first post PO: “Eideard, for some unknown reason asked, “Will Republicans help?”
Umm, Dems control the executive & leg. No more hiding behind the Repub bogyman. Either the Dems do something, or not…”
Is this willful forgetfulness a crazy-conservative trait, or is that just you? Or is it an incapability to understand that is your problem.
#26 You’re babbling. My question was, “Where did I say O’Mama could do anything with this if it doesn’t come to him for signature?”
Answer, and quit babbling…
#12 bobbo Hah, hah. Alfie and Paddy. I’ve never actually seen wingnuts have sex in public before.
Good catch… Alfie and Paddy O’Troll get today’s Republican Sore Loser award with the highly prized Mutual Masturbation Cluster for reinforcing each other’s fantasies. Well done boys! 🙂
If you cannot convince just 2 of the other party (especially a party with as many RINO’s as the republicans have) to get your bill passed, then its obvious that your bill was partisan to being with.
Seriously its just two people, are your ideals so screwed up and left wing that you cannot get 2 Liberal republicans to vote your way?
#23 – What do you call it when you see companies try to escape the money trap after being lured in by deceptive politicians?
When government wants company shares instead of cash payments so they can become the major shareholder. Yes, Brute Force is an accurate term.
#29 Bob
When did the Republicans ever ask for input from the Democrats when they’ve been in power in Congress? Never, that’s when.
The American people voted the Republicans out of office. They voted to give the Democrats a chance to put their ideas into effect. And the Republicans, with this implicit filibuster, are thwarting them every step of the way. The Republicans are saying “screw you” to the American people.
The Republicans never needed 60 votes in the Senate when they had the majority. The Democrats played fair, followed the spirit of the law, and filibustered rarely. The Republicans are filibustering every single thing the Democrats are attempting. Again, a great big “f*ck you” to the American people.
#31 FIDO said, “The Republicans are saying “screw you” to the American people.
You live in a dream world don’t you? Stop watching MSNBC before it’s too late.”
#32 Geez, is this the best the wingnuts can do? Paddy O’Troll? Alfie? Anyone?
Credit card industry is the legal version of the mafia. You try to stop it, it finds a new way to suck blood out of its “customers”.