Daily News header

Make Credit Card Reform Retroactive

By  

As you may (and certainly should) know, President Obama is pushing for the passage of new restrictions on credit card issuers.

The reforms sound good and may pass in spite of the powerful banking lobbyists, but unfortunately the new regulations aren't supposed to take effect for nearly a year.

I've got a great idea, why not apply the same standards to regulating the credit card bandits that they apply to the taxpayers who recently bailed them out.

By that I mean, why not make the new regulations retroactive.

Credit card companies arbitrarily increase interest rates even on existing balances which seems a lot like making new rules retroactively apply to consumers.

Wouldn't it be fair to do the same thing to them that they've been doing to us for years?

Why not call your representative and let him or her know what you think?

Start by emailing Chris Dodd, Senator for Connecticut, who is pushing for a new credit card bill - if you agree with me, let him know you think he is doing a good job but that the new rules should be retroactive.

"Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today [Feb 11, 2009] re-introduced The Credit Card Accountability, Responsibility and Disclosure Act ("the Credit CARD Act"), legislation to better protect consumers from confusing, misleading and predatory practices by credit card companies."
http://dodd.senate.gov/?q=node/4771

U.S. Senator Chris Dodd
448 Russell Building | Washington D.C., 20510
Tel: (202) 224-2823 | Fax: (202) 224-1083

http://dodd.senate.gov/index.php?q=node/3130
Then Click on "Express an opinion."

The bill is cosponsored by Senators Carl Levin (D-MI), Robert Menendez (D-NJ), Jack Reed (D-RI), Daniel Akaka (D-HI), Charles Schumer (D-NY), Jon Tester (D-MT), Sherrod Brown (D-OH), Jeff Merkley (D-OR), John Kerry (D-MA), Patrick Leahy (D-VT), Richard Durbin (D-IL), Tom Harkin (D-IA), Claire McCaskill (D-MO), Sheldon Whitehouse (D-RI), and Robert Casey (D-PA).

Be sure you let all of them know how you feel also and get your friends to do the same.

Find Senator's names and office addresses here:
http://www.senate.gov/general/contact_information/senators_cfm.cfm

John McCormick is a reporter, /science/medical columnist and finance and social commentator, with 17,000+ bylined stories. Contact John through NewsBlaze.

  Please leave a comment here     If it does not display within 10 seconds, please refresh the page

* The views of Opinion writers do not necessarily reflect the views of NewsBlaze

Related Opinions News

(CNS): It is not only about preventing new births of thalassemic infants; about chelation, about blood transfusion and about availability of services needed; but also about preventing complications related to Thalassaemia.
In New York City, Eric Garner, breaking a New York City law, refused to be handcuffed. Bad decision!
'Nepal is not a poor country; it is just poorly governed.' The aspirations of the people are the best law. To implement the thoughts of the people the political leaders should have to fulfill the needs of people.
Philanthropy at its best was there for all to see, when Mrs. Shahla Zargarian Javdan was honored for her exemplary service and her distinguished success in creating a stronger community.
Gruber's telling of his role before a House Oversight Committee on Tuesday was far different from his previous public remarks, in which he explained his efforts.
Israelis wake up, your land is not a piece of real estate as Isaac Herzog, Zippee Livni, Yair Lapid, Eitan Cabel and the like of them, and to an extent, even Benjamin Netanyahu see it to be.

 

NewsBlaze Writers Of The Month


Popular Stories This Month

newsletter logo

landing page ad

NewsBlaze
Copyright © 2004-2014 NewsBlaze Pty. Ltd.
Use of this website is subject to our Terms of Service and Privacy Policy  | DMCA Notice               Press Room   |    Visit NewsBlaze Mobile Site