Thursday, November 30, 2006
Dear Joe Biden
If you really want a shot at becoming President (you don't actually have a shot, but let's pretend for a moment that you did) you might want to consider flouting your, ah, patrons in the credit-card and banking industry by backing Carl Levin and Chris Dodd on their plans to get tough with those companies that use abusive practices (in other words most if not all of them). From an article in today's Congressional Quarterly (subscription required):
Senate Democrats Plan Crackdown on Credit Card Practices A leading Democrat said today he will push to curb “abusive” practices of credit card issuers when his party takes control of Congress next year. “Education . . . I’m afraid, isn’t going to be enough,” said Sen. Carl Levin, D-Mich., stressing the need for new legislation and regulation in a speech at the Center for American Progress. “Without that club, without that stick, we’re not going to see reforms coming.” Levin pledged to hold hearings on the issue early next year as chairman of the Senate Homeland Security and Governmental Affairs’ Permanent Subcommittee on Investigations. He said he expects Sen. Christopher J. Dodd, D-Conn., who will chair the Senate Banking panel, to introduce legislation, though the timing remains unclear. Levin said he hoped to cosponsor Dodd’s bill. Levin took aim at what he described as unfair and confusing practices by credit card issuers, practices he said are used to reap “extraordinary” profits. And he said these fees, interest rate and disclosure practices take advantage of low- and middle-class American families.Go get 'em, Chris and Carl!
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