[Congressional Record (Bound Edition), Volume 153 (2007), Part 4]
[Extensions of Remarks]
[Page 6058]
[From the U.S. Government Publishing Office, www.gpo.gov]




  CREDIT CARD ACCOUNTABILITY RESPONSIBILITY AND DISCLOSURE ACT OF 2007

                                 ______
                                 

                          HON. EMANUEL CLEAVER

                              of missouri

                    in the house of representatives

                         Friday, March 9, 2007

  Mr. CLEAVER. Madam Speaker, at a time when the savings rate of hard 
working American families is in red, negative for the first time since 
the Great Depression, it is incumbent that this Congress provide a new 
direction for the working men and women who hold credit cards.
  Credit card usage by consumers play a critical role in the home 
finances of millions of Americans, particularly those in the working 
middle class. The overwhelming majority of Americans who use credit 
cards do so in a responsible manner, however, they are far too often at 
the mercy of credit card companies, even when they pay their bills on 
time.
  Credit card companies have engaged in dubious patterns of behavior 
such as using hidden fees, penalty interest charges, and other unfair 
practices to siphon money away from the households of working families. 
The terms and conditions set fourth by credit card companies too often 
lack clarity and snare unsuspecting working men and women into a 
negative cycle of debt and adverse credit worthiness. Outrageous fees, 
improper billing practices and highly complex credit card agreement 
terms should not be the norm for the credit card industry nor should 
they be a burden to working Americans. Quite simply put, families 
should not have to hire a CPA or an attorney to decipher their credit 
card agreement terms and billing statements.
  I want the Record to reflect my original co-sponsorship of the Credit 
Card Accountability Responsibility and Disclosure Act of 2007, offered 
by my colleague Congressman Mark Udall. I commend his vision and 
efforts to help provide relief to untold numbers of working families 
who have been victimized by a lack of transparency. It is my hope that 
in addition to the efforts of this Congress, the credit card companies 
and financial sector advocates work with us to address this issue and 
provide fairness to the American consumer.
  I thank Congressman Udall for his efforts.

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