is important legislation apparently stalled in the House. It is the Credit Cardholders Bill of Rights. The bill was "introduced" by Representatives Carolyn Maloney (D-NY) and Barney Frank (D-MA). Frank is also the Chairman of the House Financial Services Committee. In order for the bill to become law, the full House and Senate must pass it. Nancy Pilosi (D-CA) the House Speaker has to allow a vote on this bill before the election. Do you recall the new bankruptcy rules that were voted into law a few years ago? Well, that was very much in favor of the financial services (credit card) industry. It did little to help out middle class struggling Americans. According to The New York Times, "That law has made it far harder and costlier for people to declare bankruptcy. It also forces struggling consumers into what is called a 'sweat box of credit card debt.' Consumers in financial trouble are forced to pay larger fees and interest rates over a longer period of time before they can finally declare bankruptcy."
McCain (R-AZ) and Biden (D-DE) both voted in favor of that bill. Sen. Obama voted against it. McCain has not taken a position on HR 5244, and, I don't know if Gov. Palin's "handlers" have "educated" her regarding the merits of this legislation.
Let's get this bill onto the floor for a vote, Speaker Pilosi. Apparently you're spending too much time listening to the banks and credit card company lobbyists. What are you waiting for? I would also ask why OOIDA is not promoting this legislation? Is it not "landmark" enough for them?
From Congresswoman Maloney's website - "This bill is designed to protect cardholders against arbitrary interest rate increases, protect cardholders from due date gimmicks, shields cardholders from misleading terms, empowers cardholders to set limits on their credit, protects vulnerable consumers from fee-heavy sub prime cards and requires Congress to provide better oversight of the credit card industry."
Learn more at http://www.my3cents.com
Details of the bill can be found at http://thomas.loc.gov/cgi-bin/query
