News articles on the House Financial Services Committee vote noted that alterations to the Credit Cardholders’ Bill of Rights made it similar to the provisions under consideration by the Federal Reserve. Proponents argued that the proposed Federal Reserve regulations could be weakened by the industry before they are adopted while opponents argued that the House [...]
The Credit Cardholders’ Bill of Rights sponsored by Representative Carolyn Maloney moved out of the House Financial Services Committee on Friday by a vote of 39 to 27. It will now be brought up for a vote in the full House.
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Washington Post - Credit Card Bill Passes One Hurdle
Reuters - House Panel Backs Curbs [...]
Representative Peter Welch (D-Vermont) said that the Credit Card Bill of Rights has bipartisan support and that he expects it to pass, according to WCAX-TV News. This is in contrast to previous reports from others who were less optimistic about the prospects of meaningful Congressional legislation on credit card reform. Nevertheless, it is good to hear.
Democratic Presidential Candidate Barack Obama came out swinging today on the issue of credit cards and predatory lending. Obama criticized Republican Candidate John McCain for siding with the credit card companies and called for measures to end deceptive credit card practices. Obama supports a Credit Card Bill of Rights and wants to implement [...]
