U.S. credit card bill tests Democrats' political will

[cal04]

http://news.yahoo.com/s/nm/20090422/pl_nm/us_financial_creditcards_3


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.

"It's a new era in Washington," said Rep. Carolyn Maloney, a New York Democrat and chief sponsor of the House bill. "It's taken three years of hard work, but I'm delighted that we're on the brink of real protections for consumers."

[MagickMuffin]

1. I had heard a report on something like this months ago on NPR

They mentioned that a bill had been passed but it wouldn't take effect until 2010.

Maybe they decided to pass another bill to take effect immediately. I would certainly hope so. These companies are out of control. BOA increased my rate while downgrading my credit limit. I called about it and told them that I would not be using their card. I also let them know that I was outraged that they spent MILLIONS for week long a Super Bowl Party. The dumbass told me he didn't get to go to the Party. I let him know that I didn't really give a shit whether he got to go, but his bosses were making multi-million dollars in salaries.

I HATE Lobbyists and their control over our representatives. These are the people the Teabaggers should be mad at instead of the Obama admin.