[Congressional Record Volume 156, Number 89 (Tuesday, June 15, 2010)]
[Extensions of Remarks]
[Page E1110]
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. CAROLYN McCARTHY

                              of new york

                    in the house of representatives

                         Monday, June 14, 2010

  Mrs. McCARTHY of New York. Mr. Speaker, I rise in support of H.R. 
5502, a bill I was proud to cosponsor. I commend Mr. Maffei for his 
leadership on this important bill, allowing for a short transition 
period for gift card issuers to comply with disclosure requirements 
that were part of the CARD Act that became law in May 2009.
  This bill would provide a short extension for certain disclosure 
requirements associated with gift certificates, store gift cards, and 
general-use prepaid cards produced prior to April 1, 2010. The 
transition will allow the industry to continue to sell its pre-existing 
gift card inventory that is in compliance with the new CARD Act rules, 
as it becomes compliant with the disclosures that take effect August 
22, 2010. This action will prevent a disruption to consumer access, as 
well as for large business in trying to remove the millions of gift 
cards currently in the stream of commerce.
  I fully respect the time and work of the Federal Reserve Board in 
drafting the final rules governing the gift card industry. However, in 
moving towards compliance, we need to ensure consumers are not 
inconvenienced, and I believe this legislation achieves that 
appropriate balance.

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