[Congressional Record (Bound Edition), Volume 155 (2009), Part 10]
[Senate]
[Page 12826]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           CREDIT CARD REFORM

  Mr. BURRIS. Mr. President, in these trying economic times, far too 
many Americans have had to watch their hard-earned financial security 
evaporate almost overnight.
  Rising unemployment, rampant foreclosures, and shrinking market 
liquidity continue to run roughshod over American families. For some, 
credit cards have become a last line of defense.
  Responsible spending on credit has helped millions of ordinary people 
pay bills and keep food on the table even as the economy continues to 
deteriorate.
  I rise today in support of these hard-working Americans.
  The need for credit card reform is crucial, and the time to act is 
now. We must pass the Credit CARD Act of 2009 without delay.
  As credit availability tightens, the final wall of support is 
crumbling. At the slightest provocation, many credit card companies 
have chosen to take advantage of families in distress with unfair 
interest rates and drastic new fees.
  Some people are suddenly confronted with a choice between large 
annual premiums or excessive rate hikes.
  A Chicagoan, Mr. Weatherspoon bought a home several years ago and 
soon ran into some unexpected expenses. To consolidate his home repair 
bills that totaled over $12,000, Mr. Weatherspoon applied for a credit 
card to take advantage of a low introductory offer of 4.5 percent.
  Without notice, that low rate jumped to 28 percent. And he has been 
paying it off ever since. Over the last 8 years, Mr. Weatherspoon has 
paid the bank $15,000, but has only reduced his principal balance by 
$800.
  These companies can change the terms of a contract at a moment's 
notice and without providing any reason at all.
  This allows them to maximize their profits while keepingAmerican 
families mired in more than $950 billion worth of debt.
  We cannot stand by as honest, responsible people fall victim to these 
predatory tactics.
  We must not allow millions of Americans to be tricked and cheated as 
they struggle to make ends meet. Consumers are demanding relief, and it 
is our duty to provide it.
  There is no place for that kind of greed in this new economy. There 
is no place for rising interest rates and record profits at the expense 
of good working people.
  Now, as never before, we must move with urgency to shieldAmerican 
wage earners against exploitation and ensure that everyone gets a fair 
deal. This is especially true of those in need, and it is on their 
behalf that I address this Chamber today.
  That is why I support the Credit CARD Act of 2009. This bipartisan 
legislation will give us the tools to fix a system that allows 
corporate giants to abuse their customers.
  It will bring accountability back to the market and strengthen 
oversight. It will end abusive practices like hidden fees and sudden 
rate hikes.
  Young consumers will be shielded by a provision that requires an 
adult to share in every new credit card agreement.
  Companies will be required to use plain language instead of 
manipulative fine print, ending the predatory bait-and-switch tactics 
that got us into this mess.
  Quite simply, this bill will restore fairness, honesty and plain old 
common sense to the credit card industry.
  It will stop companies from changing the rules in the middle of the 
game, but it will do nothing to reward irresponsible spenders or 
penalize companies that operate in good faith. This is essential 
legislation at a time when the stakes could not be any higher.
  We must move quickly to halt unfair and abusive practices that 
threaten our financial security. America has had enough, and it is time 
that the members of this Senate stand with our fellow citizens to say 
that we, too, have had enough.
  I urge my colleagues to join with me in passing the Credit CARD Act. 
We will be voting shortly. Let's pass this bill.
  I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The assistant legislative clerk proceeded to call the roll.
  Mr. BROWN. Mr. President, I ask unanimous consent that the order for 
the quorum call be rescinded.
  The ACTING PRESIDENT pro tempore. Without objection, it is so 
ordered.
  Mr. BROWN. I ask unanimous consent to speak for no more than 5 
minutes as in morning business.
  The ACTING PRESIDENT pro tempore. Without objection, it is so 
ordered.

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