CQ TODAY MIDDAY UPDATE
May 19, 2009 – 1:49 p.m.
Senate Passes Bill Tightening Credit Card Regulations
The Senate passed legislation Tuesday designed to protect consumers from arbitrary increases in credit card interest rates and fees, moving a big step closer to meeting President Obama’s Memorial Day target for enactment of the legislation.
The bill passed 90-5, after senators first voted to limit debate on a compromise substitute that paved the way for passage by a broad bipartisan majority.
Senate action came after more than a week of negotiations between party leaders and members of both parties to dispose of more than 60 amendments filed by various senators.
The House passed its version of the credit card bill April 30 by 357-70, and it could take up the amended Senate version as early as Wednesday and clear it for Obama’s signature.
First, however, House leaders may set up separate votes on the main part of the credit card bill and a Senate amendment by Sen. Tom Coburn , R-Okla., that was adopted last week by 67-29.
The Coburn amendment would allow people to carry firearms in national parks and wildlife refuges where permitted by state law. Many House Democrats — especially from urban areas — oppose that idea, although others are likely to join Republicans in support of it.
“Both have overwhelming majorities,” House Majority Leader Steny H. Hoyer , D-Md., said of the two parts of the bill. “They may have different majorities.”
The underlying bill would allow credit card companies to increase the rates on existing balances of consumers only after 60 days of delinquency. It would bar credit card companies from raising rates on cardholders at any time during the first year of the activation of the account.
The bill also would require card companies to periodically review any increases to the interest rate charged a cardholder, with the idea that the issuer would lower the rate if the review shows the borrower could be considered less risky.
The measure would require credit card companies to comply with the new rules within nine months of enactment. New Federal Reserve Board regulations on credit cards take effect in July 2010.
Comments
"The Coburn amendment would allow people to carry firearms in national parks and wildlife refuges where permitted by state law." Isn't it contradictory - and perhaps insane - to be allowed to carry a firearm in a wildlife refuge? And if the counter arguement is that a gun-toting visitor to such a park needs to protect himself from the lions, tigers, and bears, perhaps he needs to choose someplace else to visit.
When consumers are suffering from unscrupulous credit card fees and penalties, I fail to see the reason for waiting nine months for the bill to go into effect. As for the Coburn amendment, it should be de-coupled from this bill. where it might, hopefully, fail on its own instead holding the credit card reforms hostage.
This kind of idiocy, allowing loaded weapons into National Parks etc, is what allowed Cheney and Bush to torture. When is the US electorate going to wake up? These southern Republican Limbaugh lunatics are not only going to destroy the GOP, but will keep those of us with families out of the parks. We don't need a Colubine in Yellowstone! Damn these idiots piss this American veteran off!
What in the world does his ammendment have to do with Credit Card reform? Is that was is referred to as an earmark? It doesn't make any sense that unrelated issues get tagged onto a bill that is directed at a completely different goal. What does carrying firearms in a national park or wildlife refuge have to do with credit card policy? This is insane! If they want to make an ammendment regarding firearms, send it through the legislature under a clear and accurately descriptive name, not disguised as credit reform.
Yea, that is Coburn for you. He is a okie
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