[Congressional Record Volume 155, Number 78 (Wednesday, May 20, 2009)]
[House]
[Page H5806]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                   CREDIT CARDHOLDERS' BILL OF RIGHTS

  (Mr. MITCHELL asked and was given permission to address the House for 
1 minute.)
  Mr. MITCHELL. Mr. Speaker, I rise today in support of H.R. 627, the 
Credit Cardholders' Bill of Rights. The Senate approved this yesterday 
by an overwhelmingly bipartisan vote. I urge my colleagues to give 
final approval to this bill today and send it to the President for 
signature.
  Consumers shouldn't have to subject themselves to hidden costs and 
``gotcha'' games in order to have access to credit cards. Today's 
legislation will put an end to some of the most offensive practices. 
The bill will stop retroactive rate hikes on existing balances. It will 
also require lenders to credit payments made on the day that they were 
due as on time.
  You wouldn't think that you would have to pass a law to say that 
payments made on the day that they are due should be credited as on 
time. But, sadly, that is how bad things have gotten.
  The fine print in today's credit card agreements has gotten so 
complicated and so full of traps, you almost need a lawyer to find all 
the fees.
  This bill won't stop everything, but it is an important step forward. 
I therefore urge final passage today of the Credit Cardholders' Bill of 
Rights.

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