[Congressional Record Volume 155, Number 65 (Thursday, April 30, 2009)]
[Extensions of Remarks]
[Page E1022]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             CREDIT CARDHOLDERS' BILL OF RIGHTS ACT OF 2009

                                 ______
                                 

                               speech of

                            HON. GENE GREEN

                                of texas

                    in the house of representatives

                       Wednesday, April 29, 2009

       The House in Committee of the Whole House on the State of 
     the Union had under consideration of the bill (H.R. 627) to 
     amend the Truth in Lending Act to establish fair and 
     transparent practices relating to the extension of credit 
     under an open end consumer credit plan, and for other 
     purposes:

  Mr. GENE GREEN of Texas. Mr. Chair, I rise today to show my support 
for H.R. 627, the Credit Cardholder's Bill of Rights Act of 2009.
  For months, we've worked to get banks lending money again and now, it 
is essential that we level the playing field between cardholders and 
card issuers.
  Americans are struggling in the midst of our economic downturn and 
they deserve tough new protections against excessive credit card fees, 
sky-high interest rates, and unfair, incomprehensible agreements that 
credit card companies revise at will.
  By enforcing new transparency and accountability in this industry, 
our constituents will have a renewed faith in the credit card industry, 
which I believe is an essential step towards our economic recovery and 
faith in our system.
  I am pleased to be an original co-sponsor of this bill because it is 
imperative to protect consumers against arbitrary interest rate 
increases, early pre-payment penalties, due date gimmicks and excessive 
fees.
  We have focused so much time on helping banks, and this bill will 
help all Americans.
  I strongly urge my colleagues to support this bill.

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