[Congressional Record Volume 156, Number 89 (Tuesday, June 15, 2010)]
[Extensions of Remarks]
[Page E1098]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  EXTENDING EFFECTIVE DATE OF GIFT CARD PROVISIONS OF CREDIT CARD LAW

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                               speech of

                  HON. HENRY C. ``HANK'' JOHNSON, JR.

                               of georgia

                    in the house of representatives

                         Monday, June 14, 2010

  Mr. JOHNSON of Georgia. Mr. Speaker, I rise today to support H.R. 
5502, a bill to amend the implementation date of the gift card 
provisions of the Credit Card Accountability Responsibility and 
Disclosure (CARD) Act of 2009. I would like to thank Rep. Maffei for 
introducing this bill to correct and improve H.R. 627.
  This amendment would change certain parts of Title IV of H.R. 627 
passed by Congress on May 22, 2009. Due to the timing of the date of 
implementation of new rules and those already preparing for the holiday 
season, as well as the technical disclosure requirements set forth in 
the CARD Act, lots of gift cards already made and distributed will be 
in violation of the CARD Act disclosure provisions. Instead of 
requiring that the disclosure provisions be implemented, in August, 
2010, 15 months after the bill's passing, the amendment would extend 
this date to January 31, 2011. A reasonable transition period is 
necessary for small businesses to avoid high costs by reissuing prepaid 
cards and destroying already-made and shelved cards.
  This bill will help countless Americans, including many who live in 
the 4th Congressional District of Georgia, by preventing the 
implementation of burdensome rules which could disrupt the use of gift 
cards. Passing this bill will remove an unintended obstacle to the use 
of gift cards and will ensure that consumers have the ability to use 
their gift cards as they choose. I urge my colleagues to support this 
legislation.

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