Financial Analyst: 'We believe the odds are against significant new credit card legislation.'

[flpoljunkie]

Credit card bill tests Democrats' political will

Wed Apr 22, 2009
By John Poirier

WASHINGTON (Reuters) - A Congressional panel is expected to approve legislation on Wednesday that would curb high credit card fees and penalties assessed by many banks that have benefited from the federal government's financial bailout program.

The pro-consumer bill, which would mean sweeping changes for banks that issue cards, is an important test of the political will of Democrats who are pushing for U.S. financial regulation reform.

The bill-writing session by the House Financial Services Committee takes place one day before top executives of big banks and credit card companies meet with President Barack Obama, who campaigned for credit card reforms.

Executives from Bank of America Corp, American Express Co, Citigroup Inc, Wells Fargo & Co, JPMorgan Chase & Co, Capital One Financial Corp, Visa Inc and MasterCard Inc will be among 14 credit card companies expected to attend the Thursday meeting at the White House.

Much more. Read it and weep--or better yet, call your Congressmen and demand they stand up to the credit card companies--for once!

http://www.reuters.com/article/politicsNews/idUSTRE53L1BV20090422

[TTUBatfan2008]

1. This is a no-brainer...

The politicians in both parties are bought off by the banking crooks of this country (and the world for that matter). This is why when 90-95% of the public was against the original bank bailout, it still went through Congress. This is why secret legislation written by the likes of JP Morgan, the Rothschild family, the Rockefeller family, the Warburg family, etc. is allowed to be passed in Congress and signed by the POTUS; I'm talking about the Federal Reserve Act of 1913 which was written by the bankers for the bankers and pushed through by corrupt members of Congress...and signed by Woodrow Wilson, who had his entire campaign for POTUS funded by the banking elites. As soon as we allowed them to buy off our politicians and implement a PRIVATE central bank with NO gold standard, they officially owned our asses. And it has only gotten worse and worse over the years since 1913 when the Fed was established.

[DrToast]

3. Uh...what?

This is why when 90-95% of the public was against the original bank bailout,

90-95% of the public was never against the original bailout.

Hell, you can't even get 90% of the people to agree with the earth revolves around the sun.

The polls were pretty evenly split over the original bailout.

[w4rma]

5. They sure are against the bailout, now. And people are pissed off about it even happening.

Wall Street has cooked and is continuing to cook the golden goose. They need regulating and they need breaking up and they need to be taught humility.

[w4rma]

2. The economy is screwed until this happens. They had better make it happen soon.

Note that this is all the more reason to allow these banks to fail: They actively lobby against the public interest.

[Romulox]

4. Nothing came of similar meetings Obama had with bankers/financiers.

The headline is likely correct.

[cwcwmack]

6. this is big

this is Obama's best chance to help the middle class...

that $3 a week or whatever it is.... is shit.

THIS is a big deal and needs to be done. In THIS economy the CC co's are tightening the screws...

[flpoljunkie]

9. A very big deal. Will Congress stand with us or with the credit card companies?

We know it will be hard in the Senate as the Republicans are very likely to filibuster this bill and any others that favor people over special interests. We also have Democrats who tend to support corporate interests, so we must speak out for our fellow Americans who have been abused by credit card companies.

[AngryAmish]

7. Card companies lost a big stick in the Senate when Biden left

[flpoljunkie]

8. Senator Sheldon Whitehouse, D-RI, is a co-sponsor of Bernie Sanders credit card usury bill, S.582

S.582

Title: A bill to amend the Truth in Lending Act to protect consumers from usury, and for other purposes.

Sponsor: Sen Sanders, Bernard (introduced 3/12/2009) Cosponsors (5)

Related Bills: H.R.1640

Latest Major Action: 3/12/2009 Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
COSPONSORS(5), ALPHABETICAL : (Sort: by date)

Sen Durbin, Richard - 3/12/2009
Sen Harkin, Tom - 3/23/2009
Sen Leahy, Patrick J. - 3/24/2009
Sen Levin, Carl - 3/23/2009
Sen Whitehouse, Sheldon - 3/23/2009