| Senator Chris Dodd gave a press conference on Friday to highlight the abusive practices of credit card companies, and to promote his proposed legislation to reform the business. His bill, the Credit Card Accountability Responsibility and Disclosure Act, not only would help reign in the lenders' loan shark operations but, in doing so, would also help the economy.
It's nice to see Senator Dodd taking on this fight, but Dodd warned that it won't be an easy fight to win. He said:
... convincing his colleagues on Capitol Hill that increasing credit card regulation is good for the economy may not be easy.
Dodd said currently the lending institutions are fighting back hard against changes to bankruptcy protections for homeowners.
"I thought we'd have an easy time getting that through," Dodd said. "As of today we're going to try to bring it up, but it's going to be tough."
"The lending institutions are pushing back very hard against these issues," he said.
OK, Senator Dodd, please tell us which of your Congressional colleagues oppose credit card reform, and we will be happy to help alert their constituents.
Right now, the bill has 17 cosponsors, so we know who IS on board. Other Congressmen should be encouraged to cosponsor the bill too, including Joe Lieberman and NY's new Democratic Senator Kirsten Gillibrand. What's more, they should be promoting it in their states and districts.
What kind of Congressman would oppose credit card reform? Let us know who they are. |
MLN is powered by