[Congressional Record Volume 155, Number 164 (Thursday, November 5, 2009)]
[Extensions of Remarks]
[Page E2723]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




            EXPEDITED CARD REFORM FOR CONSUMERS ACT OF 2009

                                 ______
                                 

                               speech of

                             HON. JOE BACA

                             of california

                    in the house of representatives

                      Wednesday, November 4, 2009

       The House in Committee of the Whole House on the State of 
     the Union had under consideration the bill (H.R. 3639) to 
     amend the Credit Card Accountability Responsibility and 
     Disclosure Act of 2009 to establish an earlier effective date 
     for various consumer protections, and for other purposes:

  Mr. BACA. Mr. Chair, I rise today in support of H.R. 3639--the 
Expedited CARD Act of 2009. This important piece of legislation will 
continue the great work that this Congress and the President completed 
earlier this year, by moving up the remaining dates on the original 
Credit CARD Act.
  Since signing the CARD Act into law, credit card companies have 
engaged in last-ditch predatory practices, seeking to gain as much 
money as possible from the American consumer. Many of the same 
practices that the Federal Reserve labeled ``unfair or deceptive'' and 
were prohibited in the original CARD Act, have increased in past 
months. In fact, since last May, credit card companies have raised 
interest rates by an average of 20 percent.
  When this law was passed, this body warned credit card companies that 
swift action would be taken if these companies took advantage of the 
staggered implementation of the bill. It is clear these companies have 
done just that, and we are now prepared to follow through on our 
promise.
  I want to thank Mrs. Maloney and Chairman Frank for their hard work 
on this issue and I am proud to be a cosponsor on this important piece 
of legislation.
  I urge my colleagues to vote ``yes'' on this bill.

                          ____________________